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    Data Science for Business: Data Mining, Data Warehousing, Data Analytics, Data Visualization, Data Modelling, Regression Analysis, Big Data and Machine Learning
    Data Science for Business: Data Mining, Data Warehousing, Data Analytics, Data Visualization, Data Modelling, Regression Analysis, Big Data and Machine Learning
    Data Science for Business: Data Mining, Data Warehousing, Data Analytics, Data Visualization, Data Modelling, Regression Analysis, Big Data and Machine Learning
    Ebook199 pages2 hours

    Data Science for Business: Data Mining, Data Warehousing, Data Analytics, Data Visualization, Data Modelling, Regression Analysis, Big Data and Machine Learning

    By Travis Goleman

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    About this ebook

    This guide will discuss everything that you need to know about data science for business because It is impossible not to use it in your job. As data science and big data gets more popular, it is being used in more businesses than ever before because of how efficient it is. Throughout the book, you are going to find out how data can mitigate risks in business and how to handle and manage big data in business.


    Data can improve the efficacy of your business in several ways. Here is a flavor of how data can play a significant role in upping your business game.


    Big data for small businesses


    How data can help mitigate risks in business


    How to handle and manage big data in business


    Data visualization


    Machine learning for data science


    Data mining functionalities


    Basics of big data analytics


    Data science and big data analytics


    The process of data analysis


    Real world examples of data science benefitting businesses


    Overview of data warehouse development goals


    Data mining text


    Data modeling


    And much more


    There is a huge demand for data scientists marketing is like a horizontal functionality across all industries, therefore, this very critical skill would be required currently as well as in the future

    LanguageEnglish
    PublisherPublishdrive
    Release dateMar 13, 2019
    Data Science for Business: Data Mining, Data Warehousing, Data Analytics, Data Visualization, Data Modelling, Regression Analysis, Big Data and Machine Learning

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      Book preview

      Data Science for Business - Travis Goleman

      Businesses

      Introduction

      The focus of this book is all about big data for business and how they can change the way we do business today and in the future. As we use data-driven techniques, they will gradually become a crucial point of competitiveness among different industries.

      This guidebook has gone over the basics of what you need to know to get started with data science for business. We We will look at what it can be used for, some of the different techniques that you can use with it, and even how to work with the algorithms and the data modeling of some of your projects. Data analysis is the most common buzzword in the world of internet today and it is very difficult to understand what it is. There are so many definition of data analysis. The most important definition is data analysis is the procedure in which data is transferred, modeled, cleared and checked by business and the ultimate goal is to use in decision making procedure.

      Through Big Data, the business could experience improved performance, better management of risk, and the capacity to discover insights that could help in advancing the business. As the cost of acquiring and using communication devices, sensors, and software for data analytics continue to fall, more and more businesses will use Big Data for managing their operations.

      I think you will enjoy this book. It will motivate you to manage your data and execute predictive analysis to get maximum profits.

      Chapter 1: Big Data for Small Businesses

      Small businesses sometimes lag behind large companies when it comes to cutting-edge technologies, mainly because they simply cannot afford it. When it comes to big data, many large corporations have embraced it, and this has led people to believe that this is one of the cutting-edge technologies that small business will have trouble adapting. The truth is, to employ data analytics; there is no need for complex systems that are resource hogs. Small business may employ big data, as the most important components are based on developing human resources: how skillful the data analysts are, how much attention to detail they are, and how well-organized they are. Any company that has the capability to gather relevant data and analyze it critically will be able to create and seize new opportunities. Big data may be used by small businesses to improve the quality of their products and services, better tailor their marketing strategies, and even foster better customer relations. These are all impactful on a businesses’ bottom line, and the use of big data to achieve this does not have to be prohibitively expensive.

      The Cost Effectiveness of Data Analytics

      Why is cost an issue, anyway? The reason that costs are always accounted for before a vital business decision is made is that the cost has a direct effect on the decision’s profit potential, and therefore viability. If a small business increases their net revenue by 30% through new techniques, but their costs have gone up by 35%, the net profit decreases, and the innovations introduced will have turned out to be detrimental. However, it will spell doom for a business if they do not innovate, while their competitors adapt new techniques and technologies. Most companies have begun to use data analytics, and it would be folly to ignore the opportunity to make use of this field as well. As said earlier, the use of big data helps creates opportunities, and oftentimes these opportunities reduce costs and increase revenues. Small businesses should consider using it, as they grow much as large corporations do: by taking advantage of new business opportunities.

      Big Data can be for Small Businesses Too

      There are certain traditions that come with running a business, no matter the size. Oftentimes, the inertia proves too much for a new technology to effectively gain a foothold. Developers try to get around this by pushing their ideas on large companies, as these have deeper pockets and a larger profit margin, and can therefore afford to test new concepts. This is what happened when big data was first introduced. The software solutions marketed to businesses were based on the advantages of an economy of scale. Small businesses have problems with creating economies of scale, however, as they often struggle to build base capacity to begin with. This leads many to think that big data isn’t for them, especially as many of the existing software solutions require a large capital outlay in order to properly operate. However, innovators have developed data solutions that are viable for small companies as well. These solutions allow small businesses the capability to use the appropriate tools for their operations. They can then begin to catch up with the bigger companies, as big data increases efficiency and productivity, allowing a company to expand its market share. Unless these smaller companies start to adopt this, however, larger companies will eventually run them out of town.

      Where can Big Data improve the Cost Effectiveness of Small Businesses?

      Social media is a new development that allows for greater and greater connectivity between people. Small businesses can use social media sites such as Facebook, Instagram, Twitter, and other similar websites in order to gauge consumer trends. This can lead businesses to get ahead of the curve and rapidly capitalize on emerging trends. A strong social media presence can also contribute to rapid client base growth, especially with effective use of the site’s consumer analytics and ad platforms. This moves away from traditional marketing strategies, and requires implementation of different strategies, such as incorporating targeted ad strategies to display ads to those who would most likely buy your companies’ product.

      Another method would be the launch of online services. Any website can be setup so the administrator can analyze the customer’s tendency to visit the site, as well as study their habits, such as their most frequented pages. These little details can assist a company in developing a better website designed to better appeal to their customer base. These are all cost-effective solutions when done properly, and can easily be as beneficial to small businesses as they are to large corporations.

      What to consider when preparing for a New Big Data Solution

      A good data solution should also be able to take advantage of and be able to work alongside the pre-existing solutions of a business, as well as its systems. At the end of the day, a small business needs a solution that is integrated and conveniently packaged. A solution requiring a complete overhaul of the business’ pre-existing system may not be the best choice, as it would be very costly and would take much time and resources in order to return to a business as usual state.

      One way to address this is to bypass the massive integrated solutions, and go for the smaller modular data solutions. These data solutions could be developed for specific departments, as all they have to do would be to lay out their system requirements, justify their costs, and then be able to conduct their own research as to which solution best addresses their needs, rather than going for a costly data solution that will apply to the whole organization. This would allow a small business to make use of multiple solutions, each tailor-fit to the relevant department. This allows a department to increase its efficiency while minimizing interference with other departments, as well as keeping costs down.

      Another thing to remember is to obtain a data solution that can be easily deployed. This also means that there should be a relative ease of use for the end users. A data solution that takes more than a few weeks to deploy, from testing stage to final integration, may not suit the needs of a small business. Small businesses cannot afford the loss in productivity that a prolonged period of downtime would bring. Small businesses will also have a hard time using a data solution that requires too much specialization, as they may not have the resources to train or

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