How do data scientists impact businesses in Australia?

Here's some of the ways that data forms the backbone of today's digital economy, and how data scientists can use their role to get the most out of the data available in corporate operations. Picture Shutterstock

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In the 2020s, the role of the data scientist has rapidly emerged as one of the critical roles within modern business operations. From understanding the data structures that a business may have in place, to developing and implementing solutions to drive data outcomes, courses such as the master of data science at RMIT provide a vital pathway to connecting data ideas with data outcomes.

Let's explore some of the ways that data forms the backbone of today's digital economy, and how data scientists can use their role to get the most out of the data available in corporate operations.

Why is data so important today?

Data presents an immense opportunity for companies to improve business operations. With data being produced on an exabyte scale, the volume, velocity and variety of data sources present can provide an immense challenge to those that want to get the most out of data available to their business.

Understanding the data available to your business, and what potential issues it can address can be an incredibly powerful tool for improving business operations. In recent years, many large-scale studies have found that the vast majority of businesses are looking to leverage the experiences of data professionals such as data scientists to answer the questions that their businesses face.

Depending on the size and scale of your business, the opportunities to use data will undoubtedly vary immensely. However, no matter whether you run a small supply business or a multinational conglomerate, understanding what data is available to you can be a great way to improve business outcomes.

What are some potential data problems?

Fortunately, there are a wide variety of questions that can be answered with data, from tracking finances to managing search engine optimisation. Depending on the type of business and the data available, there can be a range of questions that can be answered, simply by utilising the data at hand to lead decision-making.

A data scientist can assist in answering questions posed, by working with data sources to design strategies that can then be implemented, reviewed, and refined in the business. For example, some of the problems that the budding data scientist may be able to work with include:

For a logistics company, using vehicle tracking data, is there a way to identify potential operational savings (such as time spent and the fuel used) to reduce the number of emissions that a business emits?
For a manufacturing firm, using sales data, can improvements to the supply chain be identified, potentially through assessing raw material storage and supply, and creating automated ordering systems?
In terms of competitor analysis - can products be developed that allow businesses to understand the products and services that their competitors may offer, especially in deeply fragmented competitor markets such as pizza chains?

These are just some of the questions that a typical data scientist may face on a day-to-day basis - demonstrating not only the potential value that they can bring to a business but just some of the potential issues that they can face in the workplace.

Using data to improve operations: FedEx

While the COVID-19 pandemic is an inescapable facet of the 2020s, the cooperation of vaccine manufacturers and logistics specialists is something that can simply be marvelled at. With COVID-19 vaccines requiring specific ultra-cold shipping conditions to ensure they did not spoil, global shipping firm FedEx needed to develop a way to ensure that vaccine product was transported safely, on time, and with as little delay as possible.

Fortunately, FedEx was able to use its experience in data analytics strategy to develop a plan that would enable vaccines to be transported safely, transparently, and quickly, at a time when these vaccines made all the difference.

By developing a data strategy including AI, machine learning and new data points (through specialised temperature sensors on all COVID-19 vaccine products), FedEx created a platform that would keep all stakeholders involved and apprised of the status and safety of the vaccines during transport. With this strategy in place, many billions of doses of the COVID-19 vaccine were able to be distributed safely and effectively, with as few disruptions as possible.

Data can have a massive impact on businesses, and data scientists form a crucial part of understanding all elements of the data in play, and the issues that stakeholders may have in interpreting the data in the workforce.

If you're looking at pursuing a career in data science, consider contacting a careers counsellor - you never know, it may be just the leap into a rewarding career you're looking for.