4 (Proven) Steps Data Science Can Generate More ROI for Your Business

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An entrepreneur or business owner may have many business and product ideas in their mind. Gluing to the right products is crucial to a growing business. The concept of market research is not a new one, and it holds a central place in any business. Time series analysis or forecasting provides information about the future from historical and present data. Consumer preferences and new trends are the output of it.

Therefore, data science plays a vital role in effective forecasting and an increase in ROI for any business or market. That is why many businesses are investing heavily in data science techniques so they can stay ahead of their competitors. 

Introduction

Data science tops the list of technologies as a master key. It opens doors to advanced research and data-driven decision making for a better tomorrow. The prime focus of business is to serve a marquee of customers. Make them feel crucial for the business and provide them with the best services and satisfying results.

The prime focuses are to enhance the predictions, dynamic forecasting, improvements in profitability, and efficiency. Therefore, there are several ways you can use data science in your business. To manage data science projects effortlessly and generate maximum ROI from them. 

Here are 4 secrets to generating more ROI in your business with data science. Here are some expert tips on how to make the most of them and take your business to the next level. Let's dive in: 

Organize Your Data Before Diving into Data Science

We live in a digital era where the number of data sources are massive. The problem is they generate data in different formats. When you have so much inconsistent data, it will be difficult for you to derive actionable insights. Therefore, to boost your ROI, make sure you have the optimal format.

Data collection and storage is a monotonous task. The data collected from numerous systems and end-users are the source of new business opportunities. To provide the best services as well as in expanding the business.

The tasks don’t end simply after collecting and storing data. Analyzing the collected data to uncover hidden patterns is a real challenge. So many businesses fail because they don't do it right. They focus on projects rather than understanding the data correctly.

But when you conduct a proper analysis of data that meets business goals and objectives. It does not matter how you end up - but it comes with a fair amount of calculated risk.

Asking the Right Kind of Questions is Crucial

Data provides the opportunity to find answers to unsolved questions. Asking the right question is always a tough challenge. For that, you need to understand every aspect of business and projects and how it will impact the business.

Once you have answers to the questions above, you will have a lot of obvious and right questions on your list. That will help you to create a successful roadmap. Take on different challenges in various processes and receive expert advice on how to deal with them all.

Always remember to ask how the new projects will add more benefits to your customers. How could the services to them be much better? And how you can retain them for a long time, and how they can help you increase your brand name. Precisely, how can you make better products that customers want at a better cost? 

Maximize Customer Satisfaction and Value; Retain Them for a Long Time

Businesses grow well when customers build relationships with them. Share about the products and services with their neighbors and relatives. And recommend it to others for better services.

The mouth of words matters a lot these days. Like people, companies are so active on different platforms. It helps them connect with their prospects' emotions & sentiments. And convert them into customers.

Thus, it is best to look at Amazon reviews or some customer reviews on social media channels to see what prospects and customers are looking to buy. Learn about their choices, emotions, empathy for owning the products, and what challenges they are facing. And how you can serve them better and take it as an opportunity for business.

Identify those customers who are more likely to return to you and do repeated business with you. Give them discounts and build long-term relationships to maximize their value and increase your ROI. 

Enhance Your Advertising, Bid Higher So That Others Notice You.

In the digital era, business runs on SEO, google ads, social media ads, and funnels. Make sure you utilize these technologies to grow your business. Although advertisements are expensive, they bring you directly to customers who are likely to buy.

The advanced mode of ads allows you to figure out which format will work best in the market. Optimizing landing pages and sales funnels, along with product pictures and other tweaks, maximizes your ROI.

Data Scientists capture data from marketing funnels, websites, blogs, social media engagements, and comments. Lead nurturing emails, customer service data, and transitions.

Analyzing analytics and search console reports and using time-series analysis, data scientists can predict what customers are likely to buy. and marketers can easily retarget these customers with dedicated products and services. 

Final Thoughts

Running a successful business is never easy. Not something you can do alone. Planning, creating successful roadmaps, analyzing the right patterns of data, and proper execution is imperative for any business to grow. ROI is the bull's eye for every business, so business success is measured by it. And companies with higher ROI have a better chance of succeeding.

These are the 4 proven secrets to scaling-up business ROI, where the first step will walk you through how to organize data effectively. The second step is identifying the right questions to ask. So, project outcomes are aligned with business objectives and goals. The third step focuses on how you can understand your customers so that you can provide better services. And lastly, how advertising can help you generate more ROI by putting less effort.

Read More Related Topic; - KNN Algorithm using R

Author’s Name- Palak Airon
Author’s Bio- Data Scientist personnel with over 8 years of professional experience in the IT industry. Competent in Data Science and Digital Marketing. Expertise in professionally researched technical Content Writing.

Kabataan Partylist Representative Sarah Elago speaks against red-tagging

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Speaking at the Senate hearing on the red-tagging of personalities and celebrities, Rep. Sarah Elago reminded state forces of the dangers posed by red-tagging and pointed to victims of red-tagging by police and military.

Sarah denied being part of the communist movement, or that the youth organization that she represents is an “NPA recruiter,” as claimed by the military. She is one of the most targeted Leftists figures by government security forces in its red-tagging practices.

Sarah is often a subject of posts containing fabricated quotes and misrepresented and/or manipulated images. Many posted by Facebook pages of local police stations. 

Sarah slams the National Intelligence Coordinating Agency for failing to fact-check its Facebook posts before sharing them. 

Sarah grills NTF-ELCAC and the Philippine National Police for its irresponsible and gullible sharing of anti-progressive propaganda that are baseless, unfounded, and plainly absurd.

Sarah discusses the dangers that both red-tagging and red-baiting would bring, citing how progressive individuals such as Zara Alvarez, Ryan Hubilla, Jory Porquia all fell victim to baseless claims.

Sarah also reacted to the threat of President Rodrigo Duterte to stop government funding to schools such as the University of the Philippines, after students protests against the government’s response to recent disasters. 

Sarah also joined the #YouthStrikePH protest at the Ateneo de Manila University on Tuesday, November 17, as students call for #NationalAcademicBreakNow and demand gov't accountability on education, the pandemic, and disaster response.

Sarah says they will filed  a resolution calling for an academic break and easing of academic load in schools. This will give must needed time for the schools...to recalibrate their course and program contents. Mahalagang panahon din ito para matulungan affected stakeholders na makabangon mula sa kalamidad.

“Students must not be penalized for challenges that are already out of their control during a global pandemic,” says Sarah.

Let’s show our support for Sarah  who speaks for everyone, for those who are scared to speak up. She is our voice. The voice of the youth, women, and the oppressed. So much respect for her.

We extend our support to Kabataan Partylist representative Sarah, a true representative of the Filipino youth who speak up against the fascism and injustice of the administration.

This is why there is a popular comic strip about her. One of the fictional characters’ name in the comics is “Sarah Elabyu,” which is a parody of Rep. Sarah Elago (Kabataan Party-list). The fictional post can then be likened to Elago’s case as the comic strip discusses fake news and red-tagging. 

Sen. Sarah Elago sounds right for me.

5 Helpful Tips for Extending the Lifespan of Your Refrigerator

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To keep your food fresh and edible, it’s a good idea to best buy refrigerators from a reputable appliance store. After all, when a product is being sold from a trusted source, you know that it meets the highest quality and industry standards. You can also ensure that the appliance you’re getting will be backed by appropriate after-sales supportUnfortunately, there are a lot of factors that can cause even top-of-the-line models to malfunction, and in most cases, it’s due to neglect and misuse.

Your refrigerator has become a vital part of your everyday life, so it’s your responsibility to keep it in good condition. There are many things you can do to extend the lifespan of your fridge, as well as reduce the need for expensive repairs and replacement. Here are five tips you can take into consideration.

1. Consider the Placement of Your Fridge

The kitchen is where most refrigerators are installed. However, not many people are aware of how to properly place it in this part of their home. Normally, you’d set it in a handy nook that’s been carved out in the kitchen. But that isn’t always the best location to place the fridge. The lack of ventilation forces the refrigerator’s motor to work twice as hard and consume more energy to keep its contents cool. Other locations that can cause this problem include areas near ovens, heat vents, and those that are directly hit by sunlight. You also have to make sure that the appliance is set on a level surface. If the floor is uneven, keeping the fridge door shut tight can become tricky. Leaving the door open will cause the refrigerator to leak and allow cold air to escape, overworking the motor as a result.

2. Defrost the Freezer Regularly

Even if your refrigerator has an anti-frost feature, it’s still a good idea to defrost it regularly. Ice buildup can also cause the appliance’s motor to work harder, making it more susceptible to damage and premature wear. Aside from turning off the refrigerator to make the ice melt, there are other techniques to help reduce frost buildup. You can use a wooden or plastic scrape to remove the frost, as well as allow any hot food to cool before placing them in the fridge or freezer. Doing so will prevent condensation, which is the most common reason behind frost buildup.

3. Don’t Overload It

It’s nice seeing a full fridge whenever you open its doors. However, it’s highly recommended not to overload the appliance. Crowding it with meat, produce, and other food items will make it difficult for the refrigerator to circulate cool air. As a result, its motor will have to work double duty to make sure that its contents stay fresh. Placing too many heavy items on the compartments behind the door can also cause the door hinges and door seal to loosen.

Another thing you should avoid doing is treating the top of the refrigerator as extra shelving space. Placing items on top of the appliance can prevent it from dissipating heat efficiently, forcing its motor to overwork once again. This can also cause damage to the surface of your fridge, creating scratch marks and cracks.

4. Clean It Often

Make it a habit to clean your refrigerator on a regular basis. Doing so will not only keep mold, bacteria, and bad smells at bay, but it will also ensure that your food stays fresh for longer. Cleaning your fridge is a pretty straightforward procedure. However, you can go the extra mile and extend its service life by taking the time to clean the following areas:

Condenser coils

Door gaskets

Ice trays

Water and ice dispenser

Exterior surfaces




5. Have It Inspected Annually

Having your refrigerator inspected annually is an excellent way to keep it in great condition. Qualified electricians or fridge technicians have the experience and training to not only repair any type of damage, but also to notice early signs of wear. With their help, you can immediately remedy the problem before it gets out of hand. What’s more, you can ask them for additional tips for taking better care of your refrigerator. This way, you can further improve your appliance’s performance and efficiency.

Although the refrigerator is just one of the many appliances you own, it plays an important role in providing you with a good life. It’s designed to keep your food fresh so you’re able to preserve the nutrients in your meat and produce—allowing you to cook and eat healthy meals. It also prevents your leftovers from spoiling so easily, reducing wasted food and money as a result. As such, it’s only right that you make the effort to ensure that your fridge is running smoothly and will do so for a long time. By following these 5 tips, you can rest assured that your refrigerator will last longer than expected and provide you with a reliable performance.