Data Science and B.
I for the Resilience of Small and Medium Firm
What is Data Science and B.I for SMF
Data Science
Focused on: What will happen in the
future, how can we prepare for it?
Deals with unknowns: Which product will
a customer purchase next?
Tools: R, Python , Open source libraries
etc.
Can deal with high velocity, structured or
unstructured data
Data Science and B.I for the resilience of SMF
• Scalability
• Tons of information daily.
Business Intelligence • SMF can detect patterns and gain valuable insights.
How they help
• Leverage the obtained information to adjust the firm’s strategy
• Customer Analytics
Focused on: What Happened, Why did it
happen? • Can analyze data from social media and other communications channels
• Can improve engagement by extracting and categorizing behavioral patterns.
Deals with Specific, known questions:
Why sales declining? • Improving the Product or Services
Tools: Excel, SQL, Power BI, Tableau etc. • A data-driven strategy will help SMF to find the hole in the bottom of the ship
Can deal with static, structured data
• Improving Marketing Operations
sources. • Competitor analysis helps companies understand the market
• Identify successful strategies
• Can use previous experience to improve future performance
• Inventory Optimization
• SMF can estimate the required quantity and timing of stocking and identify seasonality in product
demand
• Optimizing Financial Decision Making
• Analyze current and historical data to understand and predict the company’s financial health
• Reduce expenses to improve efficiency (i.e., cost optimization)
• Analyze data in real-time to adjust marketing campaign budgets
• Compare different strategies and solutions and invest in the most effective one
• Forecast cash flow needs and allocate financial resources effectively
Offline brick and mortar store
Real life example
Digital bookstore