The Impact of Data Science Solutions on the Company Turnover

This study explores the potential of data science software solutions like Customer Relationship Management Software (CRM) for increasing the revenue generation of businesses. We focused on those businesses in the accommodation and food service sector across the European Union (EU). The investigation...

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Bibliographic Details
Published in:Information (Basel) 2023-10, Vol.14 (10), p.573
Main Authors: Cristescu, Marian Pompiliu, Mara, Dumitru Alexandru, Culda, Lia Cornelia, Nerișanu, Raluca Andreea, Bâra, Adela, Oprea, Simona-Vasilica
Format: Article
Language:English
Subjects:
Accommodation
Big Data
big data analytics
Competition
Computer programs
Cost reduction
Customer relationship management
Customer Relationship Management (CRM)
Customer satisfaction
Customer services
Customers
Data analysis
Data science
Decision making
Educational software
Electronic commerce
Financial performance
Food
Forecasts and trends
International business
Marketing
Mathematical analysis
Retail stores
Revenue
revenue generation
Sales
School lunches
School lunchrooms, cafeterias, etc
Science
Services industry
Small business
Software
Success
Turnover
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Summary:This study explores the potential of data science software solutions like Customer Relationship Management Software (CRM) for increasing the revenue generation of businesses. We focused on those businesses in the accommodation and food service sector across the European Union (EU). The investigation is contextualized within the rising trend of data-driven decision-making, examining the potential correlation between data science applications and business revenues. By employing a comprehensive evaluation of Eurostat datasets from 2014 to 2021, we used both univariate and multivariate analyses, assessing the percentage of companies that have e-commerce sales across the EU countries, focusing on the usage of big data analytics from any source and the use of CRM tools for marketing purposes or other activities. Big data utilization showed a clear, positive relationship with enhanced e-commerce sales. However, CRM tools exhibited a dualistic impact: while their use in marketing showed no significant effect on sales, their application in non-marketing functions had negative effects on sales. These findings underscore the potential role of CRM and data science solutions in enhancing business performance in the EU’s accommodation and food service industry.
ISSN:2078-2489
2078-2489
DOI:10.3390/info14100573