Source: RK Creations
Abstract: Most of the start-ups, small business owners and Mid level businesses who's turn- over is less than 10 CR are buying Data for Social Media Gate way but they don't trust their own Business Data or Data Science. In this blog i am trying to identify few of the situations of where and why few businesses fail to upgrade or push their business faster like few successful companies who use data for business.
Almost everyone in this 21st century buy Data or consume Data directly or indirectly, earlier before JIO network was introduced in India, only the rich used to buy Data, the middle class and lower middle class also used to buy but Less Data compared to the rich. The usage of the Internet in 2009 was low compared to 2019. India has ranked No.2 and the average data consumed per smart phone is 9.8 Giga Bytes per month in India. During the phase of the evolution there was new literacy built in the society called Digital Literacy.
Digital Literacy refers to an individual's ability to find, evaluate, and compose clear information through writing and other mediums on various digital platforms (Wikipedia, 2019). Compared to 2009 where the internet was used at offices to send and receive emails and today refer to Graph 1, to have a clear picture on how the internet is being used every minute of the day around the world.
The point i wanted make here is, Basically People are exchanging Money for Data and consume it for entertainment (Most of them) at the same time Businesses can exchange Data for money, Meaning buying or exchanging Companies data with a Data Scientist for the growth of the business where the company gains a potential to upgrade three times faster.
When an individual buys a Data pack and he his aware on how to spend his Data. Example: an individual buys 1 GB of data for a data, 90% of the data he consumes is for entertainment, 10% may be for sending/ receiving some useful information around his office mates or parents.
But at the end of the day he his happy about his consumption of data as he was happy because he was entertained with his expenditure, he has the power to watch is favourite movie or play his favourite game whenever and wherever he/she wants. Basically he has earned a power which is power of data for entertainment/Social-media.
Just like Data Power for Entertainment, there is power where you can earn to run your business 3 times faster compared to your competitors with the Power of Data Science for your Business. Some real world examples are discussed below;
1. Amazon is using Data science to understand the type of customer you are and formulate personalised discounts and recommendations on what you basically tend to buy.
2. Google recently introduced Virtual Maps since they found some users around the world used to go wrong with the regular maps.
3. Reliance JIO made the most out of Data Science in India, he introduced JIO network for free, who doesn't go bonkers about free stuff, he made everyone addict to the power of data, this had two benefits, the prices of data went way cheaper of other companies to stop people not to migrate to JIO, after some time JIO started to charge minimum compared to other networks but provides equal standards in terms of network and service which made his business a turn over of 6,22,809 crores.
Just like these big firms even small companies can make use of data science techniques to make more profits, some small firms who are aware of Data Science and its advantages who implement in their business are Wicked Ride, Zoom Cars, OYO, Swiggy, Uber and so on. As we can see these businesses were very successful initially when they were launched but some are slowly failing/ getting stuck with stronger loops. Some small Start-ups and Mid-level Business go with their Gut without the knowledge of Data Science, its value and its impact on Business, about 96% of the starts fail in the first five years (Statista, 2019), here this category of people believe Babas more than science, example: a person goes to a Swamiji and says that his business is not doing good and he don’t know what to do about it and this swamiji asks him to do some Ritual or Pooja, still people are stuck in some blind beliefs which is making the country develop slower. Few people in this category have Ego and trust issues, just like how you know to be entertained with data, we (Data Scientists) can understand what exactly your business needs to perform better. Some feel that the service is expensive, Compared to the profits you can make with this service the price is cheap.