If I knocked on every door of every business with a new/undeveloped analysis department and said "I bet there are some quick wins over a 10-30% of your bottom line sitting in your data" most would think I am mad and chase me out of the building.
If you are a start up company the opportunities might be even larger.
What do I mean by quick wins?
Generally I mean as the result of
- conversations with staff
- scoping of work to understand the business
- exploratory plots and explanatory modelling
- scenario analysis and A/B tests
Wait, you are a data scientist, aren't you going to implement a model or something?
You don't always have to implement a neural network in PyTorch to realize value in your data, insights from exploratory data analysis can unveil key KPIs that are important to your business hitting its goals.
It's graphs, it's data munging, it's conversations, it's unsexy, but the increase in bottom line revenue through the door is dead sexy! Grrrrrrr!
Some quick wins could be:
- identification of the top clients/products and up sell/cross sell
- customer acquisition through a pricing review
- churn reduction
- fraud prevention etc.
- don't chase unprofitable business: clients/products
Ultimately a well managed and motivated analytics team can pay for themselves very quickly given the right scope and autonomy mix.
The fortunes of the business is written in data the business already holds 'there's gold in these datasets!'
Tell your friends.