The core strategy of any business lies in its data. All the information regarding a company should be analysed for future developments. Today’s technology has various tools to extract valuable data to find a meaningful pattern. Companies all over the globe hire scores of data scientists to find solutions for existing problems with past data.
From Facebook to Spotify, these industry giants prove the importance of data science in business. See how these companies use data science techniques to provide strategies for employment to sales.
Reddit Increased Sales With Data Science Business Intelligence
One of the best examples of using Business Intelligence is Reddit. This discussion website ranks in the top 20 sites on Alexa. Initially, Reddit reserved its business intelligence tools but decided to give access to the rest of the company. This paved the way for a huge revelation about brand discussions.
They managed to analyse Reddit’s data in real-time and identified business mentions among the two million communities. Data Scientist at Reddit Justin Bassett expressed, “More people are making discoveries and uncovering answers they couldn’t have found on their own before.” He ended with, “Sales have increased dramatically.”
Spotify’s Personalised Music Recommendations This online music streaming app caters to the world with millions of users. They collect user’s data to build algorithms that boost their experience. The curated data helps Spotify deliver
accurate and personalised recommendations to its users. Spotify is a data-driven company that purchased Niland, an API based product. It provides better searches for its users with the help of machine learning.
Spotify proved their obsession with data works in their favour after predicting the Grammy Award winners in 2013. Their data scientists managed to get 4 out of their 6 predictions right.
Uber’s Business Plan Based on Data Science
Uber is one of the biggest names in the private transportation industry and there’s a reason for it. Unlike other cab services, Uber charges based on travel time and not the distance. Without data science, accurate rates for travel time would be difficult. The algorithms scan through data related to weather and traffic density to calculate the fare.
Data science also helps Uber with surge pricing as well. The rate goes up when fewer drivers are available and drops when there are more. With the help of data science, Uber is able to give out this dynamic pricing.
Amazon’s Customer-Centric Platform
Amazon stands out among the e-commerce websites for its customer-friendly nature. This is possible because Amazon relies on predictive analytics. It increases customer satisfaction through a personalised recommendation system. This system analyses the past purchases of users to suggest future products. It also uses an anticipatory shipping model which uses big data to predict the user’s next purchase. The pattern is found and those products are stored in the nearest warehouse to those users.
Amazon also uses data science to pick out fraudulent sellers or purchases. Their growth has proved that focusing on data science is the way to go for big or small businesses.
Netflix Uses Data Science Before Purchasing Movies
The massive OTT site heavily depends on its viewer’s history to decide on what to showcase. The algorithms scan through the consumer’s viewing habits and provide similar suggestions. It also collects the most common interests and Netflix procures films and TV shows matching those interests.
For example, Netflix released four Adam Sandler movies in 2015 and streamlined it towards their Latin American audience. Data science showed that Sandler’s films did well in Latin America but failed to impress in the US or UK.
All this shows that data science is capable of not just boosting your sales but creating good business plans for the future. With data science, you can track your employees’ progress and give a detailed plan for promotion and salary. Data science is the future for all companies, big or small.
