ABSTRACT
This chapter describes how firms can create value using data science and benefiting from the analytics carried out. It begins with a conceptual classification of how firms can create value and then discusses several examples of how firms managed to create this value. Subsequently, the chapter discusses the opportunity finding methodology that can be used to enable data science to have a strong value impact and organizational impact. Data science applications at the marketing level have a long history. The chapter considers three main objectives of data science at the marketing function level: insights delivery, marketing performance measurement, and effectiveness and efficient improvement of marketing efforts. Data-based insights and model-based decisions should lead to better decisions. With the increasing amount of data, this has become possible for many firms. The chapter distinguishes between two levels of decision-making: marketing-instrument level and customer (segment) level.
