Data Analytics: Practical Guide to Leveraging the Power of Algorithms, Data Science, Data Mining, Statistics, Big Data, and Predictive Analysis to Improve Business, Work, and Life

Making Decisions: Many important decisions about a business require data
about market trends, customer bases, and prices offered by competitors for
the same or similar products or services. If data does not influence the
decision-making process, it could cost the company immensely. For
example, launching a new product in the market without considering the
price of a competitor’s product might cause your product to be overpriced –
therefore creating problems when trying to increase sales. Data should not
only apply to decisions about products or services, but also to other areas of
business management. Certain datasets will provide information on how
many employees it will take to foster the efficient functioning of a
department. This will allow you determine where you are understaffed or
overstaffed.

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Hiring Process: Using data to select the right personnel seems to be
neglected by many corporations. For effective business operation, it is
crucial to put the right candidate in the right position. Using data to hire the
most qualified person for a position will ensure the business will remain
highly successful. Large companies with even larger budgets use big data to
seek out and choose skilled people for their open positions. Smaller
companies would benefit from using big data from the beginning to staff
appropriately to further the successes of a startup or small business. This
method of using gathered data during hiring has been proven to be a
lucrative practice for various sizes of organizations. Data scientists can
extract and interpret specific data needed from the human resources
department for hiring the right person.
Job Previews: By providing an accurate description of an open position, a
job seeker will be better prepared about what to expect should they be hired
for the position. Pre-planning the hiring process utilizing data about the
open position is critical in appealing to the right candidate. Trial and error
are no doubt a part of learning a new job, but it slows down the learning
process. It will take the new employee longer to catch up to acceptable
business standards which also slows their ability to become a valuable
company resource. By incorporating job preview data into the hiring
process, the learning curve is reduced, and the employee will become more
efficient faster.