Advances in data science have now reached the point where they allow for a more comprehensive and accurate picture of growth opportunities and potential performance improvements to be developed. Specifically, data science helps an institution answer the following questions:
- What is your positioning related to that of your competitors?
- Are your sales and marketing efforts being implemented effectively and efficiently?
- What products, value propositions and brands are underleveraged in the market?
- How should you align your operating model to better serve your business model?
- What processes could be adjusted to drive better efficiencies and reduce costs?
- How does your technology infrastructure, operating model and other factors compare to industry standards? And how can they be improved?