Due to high competition and the use of innovative technological products has changed the trends and deals quickly. Every day a new technique better than the previous is introduced and overcome the other problems. Humans have become more efficient through making new tools and applying them to overcome the business needs. Data science and business intelligence is flourishing very fast today. All this happens due to the efforts of business intelligence experts who try to make new changes and overcome risks.
Want to know what is the main difference between data science and business intelligence? Both of these are totally different fields but have coherences among each other. If we can combine both, we can have optimal performances of work. Business intelligence relates to the previous data analysis and records of the business deals while data science is the utilization of data to predict future risks and uncertainties. By combining both, we can have accurate guessings about what is going to happen and how to dominate the market with it.
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Here are some examples of the shift from business intelligence to data science.
Selling lower-demand products:
Business Intelligence makes the companies to promote their lower demand articles and reach potential customers by having data analysis techniques. As we know, it is very difficult but important to sell the least selling inventory to get rid of its expense to store and conserve. So, by applying business intelligence we can either run advertising campaigns or give discounts on those products to reach those customers who need them. Looking forward to becoming a Data Scientist? Check out the Data Science Course fees and get certified today
Amazon applied the same policy to get rid of the lower demand products by adding them to suggestions. If you are an active Amazon buyer or seller or related to it in some other ways, you can better apprehend this concept. When the buyer goes to find a product, he inserts the name and gets results. Apart from getting the main product, Amazon shows the consumer some related products. This recommendations section helps a lot to sell the least selling inventory. Apart from the recommendations section, Amazon also has other ways to sell inventory. Like the sellers run PPC campaigns or offer discounts to carry out the job. Also, check out this Best data Science institute in Chennai to start a career in Data Science.
Alter prices when needed:
One of the most important and crucial techniques to increase profit margins is an analysis of the existing situation and bringing alterations in the prices. Let’s suppose, a product has high demands and unavailable in the market. You can raise the price of the inventory and sell it at high rates with higher profit margins. On the other hand, if the item is trending and excessively available in the market, you can go for the lower rates to sell. Another idea is to store the item and sell it at a higher price when you market demand is rising but the product quantity is deficient. Become a Data Scientist with 360DigiTMG Best Data Science Course in Pune with placement. Get trained by the alumni from IIT, IIM, and ISB.
This technique is highly dependent on data science. You have to analyze previous trends and predict future responses to the product. If you forecast the exact date, you can catalog that item excessively in your warehouse and launch it at a high cost when not accessible on the online platform.
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