For any business to excel and grow in the future, designing and planning an accurate business strategy is very vital. But how does this business strategy become accurate? Of course, if you are a company owner, you planned and scrutinized every aspect of your business. But did you? What are all that you have taken notice of while planning a business strategy? Before going to the factors, let us first understand what exactly is a business strategy.
Johnson and Scholes took the first step and defined a business strategy as-
“The direction and scope of an organization over the long-term: which achieves advantage for the organization through the configuration of resources within a changing environment to meet the needs of markets and to fulfill stakeholder expectations.”
In simple words, we can conclude business strategy as a business model with the following attributes-
- The business is expected to go very long and sustain successfully
- Determine the market competition and the kind of activities involved in those markets
- What should the company do to lead the market competition
- What are the resources that the company requires to stand apart from the competition? These resources include talent pool, monetary support, technology advancement, facilities, etc.)
- What are the external or environmental factors that are contributing to the business’ success
- Where do the interests of the stakeholders lie?
Rest everything is market research, what you can do on your behalf is go for the best talent acquisition process and get assured of other functional aspects. If you have the right team and the most talented staff working for you, your company will excel. But who are the staff members? Is there any correlation between business strategy and Data Science? Let us find it out.
How Data and Analytics Participate in Business Strategy Decisions?
Data analysts can inspire other leaders to identify opportunities for collecting and creating new types of data that can be used in many business solutions. The Data analysts look deeper into the decision-making process of the organization and make strategies accordingly. Data Scientists and Analytics identify the decisions that are required to be re-considered, prioritize analytics and data in the decision-making process by studying statistics, incorporate Artificial Intelligence into the process, and finally help in building skills and the right team for performing these functions.
Many organizations have already realized the importance of Data and Analytics in the decision-making process to change more opportunities. One more advantage of D&A is that the quality of the decisions made by the data-driven organizations is at par with the market competition and is providing a higher competitive edge.
According to research by Graham Peters, Alan D. Duncan, Data & Analytics have occupied a prime position in the company’s crucial decision-making process. It is like an inseparable part of the organization. However, some still don’t realize the importance of Data and Analytics. The annual reports point towards how Data and Analytics have helped the companies establish themselves in the market.
Challenges Faced by the Business Leaders in Going Data-oriented
Going data-oriented is not easy. It is something that does not fall into the conventional way of making decisions. The business leaders who are interested in going data-oriented have to think out of the box for making the company data-driven. Below are some challenges that the business leaders have to face while going data-oriented-
- Lack of Alignment to Business Strategy- Data and Analytics part is viewed as a technical part eliminating their positive aspects. Many business leaders consider Data Science as a part of the technological process and not as a business strategy. However, gradually many business leaders have started to realize the importance of Data and Analytics in the decision-making process which will ultimately empower the organization and can deliver positive outcomes from their insights.
- Processing of Data- The data today is very unprocessed and requires a lot of handling, as a result, many business leaders and owners are losing interest in using data for the decision-making process. According to an article, organizations are using less than 50% of the unprocessed and processed data collected for the decision-making process. This has led to a decreased interest in going data-oriented.
- Lack of Talent and Skills- The main and the most important challenge faced by business leaders is the lack of the right talent. People these days are unaware of the importance of Data Science and hence, end up choosing another career. As a result, there is a lack of the right talent which has led to subside the importance of Data and Analytics in the decision-making process.
How to Combat the Challenges
To combat the challenges discussed above, it is crucial to hire the right talent and certified professionals with relevant knowledge in the industry.
According to a report released by McKinsey Global Institute, success analysis of a large amount of data can improve the annual GDP by many folds. Now the perfect handling of data goes to the baggage of experienced and skilled Data Scientists. A data scientist knows well how to manage a massive amount of data and extract the hidden meaning using statistical, mathematical, and machine learning techniques.
Here are the reasons why every organization requires a Data Scientist-
- For getting the best monetary outcomes from the unstructured data. They certainly know how to analyze the data and process it in a way to get the maximum ROI
- For reducing the risk of business failure, any organization needs to hire experienced and skilled Data Scientists. With the knowledge and experience, they are likely to extract out the pattern of a business failure, which otherwise was unrecognizable by the normal person.
- Data scientists also help to improve Customer Relationship Management through their acquired skills and methodology
- About their immense knowledge and applied techniques, data scientists help in expanding the business and let the organization stand apart in the prevailing market competition.
Considering the current pay scale and the increasing demand for data scientists, one can certainly look at Data Science as a potential career option. If you are also looking forward to choosing Data Science as a career opportunity, then you should not think twice. Various institutes offer Data Science Certification courses for getting the right knowledge and skills that are required to get a well-paying and reputed job.
Below are some renowned institutes offering the best Data Certification Courses.
- United States Data Science Institute- The United States Data Science Institute (USDSI™) provides technical certifications for aspiring Data Science professionals. There are various certification courses available, both for freshers as well as experienced Data Scientists. The institute has benefited thousands of students to grab themselves amazing job opportunities with money-making jobs.
- SAS Data Science Certification
- Microsoft Certified Azure Data Scientist Certificate course
- Cloudera Certified
- Google Data Analytics Professional Certificate
- Professional Data Scientist Certificate course
Author BIO: The United States Data Science Institute (USDSI™) provides high-end and in-depth technical certifications for aspiring Data Science professionals and is a global leader in Data Science organizational transformation, innovation, and leadership. USDSI™ researches, designs, and certifies personnel who enter or engage in various emerging Data Science majors.
USDSI provides the latest, most advanced and prestigious data science certifications and is a global leader in Data Science educational transformation.