7 Revolutionary Companies Leveraging Data Science
Technology is advancing at a breakneck pace especially when it comes to innovation. With each passing year, data science has been consistently increasing its impact across different sectors.
The impact of data revolution can be seen across the globe. It has not only given a steady rise in job opportunities but brought developments in artificial intelligence and machine learning. A specialist in these fields or those who are making their debut in it, have so many industries that are interested in such skills and want to integrate them into their workforce. Moreover, big companies are now leveraging data science to firmly automate their systems to deliver valuable customer experience.
Data science is profoundly changing the way business is conducted across the world. There are data science companies that have made their mark in the industry. Google, for instance, continues to take big steps in NLP (natural language processing) and sentiment analysis. In fact, it is being believed that NLP will shake up the complete service industry in a way that we have never imagined.
Similarly, Microsoft, a leader in the tech market is introducing new technologies and offers that will help companies navigate their digital transformation. Another top data science company, Salesforce focusses on the future of small business innovation. Its feature-loaded cloud-based CRM gives access to data from anywhere, anytime, and from various devices.
So to understand the power of data science applications, we have compiled a list of 7 revolutionary companies that are leveraging data science to enhance their processes and performance.
Personalized customer service is highly valuable in today’s world, as it means faster service, better all-round experience, and more relevant options. Consumer-metrics and big data including real-time information have made it possible to deliver better and targeted service options. Starbucks is at the forefront of it. The company uses its vast data stores and mobile app to display preferred orders to customers even before they visit the counter. As a result, significant improvement in performance, besides speeding up order and service time, especially during rush hours.
How data science is making it work for Starbucks?
Members of the Starbucks mobile app and rewards program often use it to order beverages and take advantage of exclusive benefits. One the other hand, the company uses this service to collect information about their customers’ habits and preferences. This is precisely how Starbucks offers preferred order information.
Besides that, the company also uses this data to build more relevant marketing promotions and campaigns, finalize a location for new stores and even decide future menu updates.
Amazon is amassing data not only on its wide product range but also on people buying those products. Since its inception, the company has been working diligently towards making itself a customer-centric platform. It hugely relies on predictive analytics to increase customer satisfaction.
How Amazon is transforming e-commerce with data science?
Amazon uses the personal recommendation system, which is a hybrid system that includes collaborative filtering which is comprehensive. The company uses data science applications to analyze the historical purchases of the user to recommend new or more products. This is also derived through suggestions that are taken from other customers who use similar products or give similar ratings. The company uses Big Data for envisaging the products that are most likely to be bought by its users. They also use data to optimize prices on its website while keeping in mind the user activity, product availability, prices offered by competitors, and order history.
Uber has been leveraging data science for its consistent success. The company makes an extensive use of Big Data since it has to maintain a huge database of drivers, consumers, and other records. It uses Big Data to derive insights to provide best services to its users.
How Uber is using data science to make rides better?
Uber uses Big Data along with crowdsourcing, i.e. registered drivers in that area can help anyone who wants to go somewhere. Since the company has the database of its drivers, so whenever a user books a cab, it matches your profile with the most suitable driver near your location. Moreover, the company charges the consumers not on the basis distance but the time taken to cover the distance. The time taken is calculated through various algorithms that include data related to traffic activity and weather conditions. In fact, Uber makes the best use of data science to calculate its product pricing, depending on the demand the rates are adjusted. Their pricing process is rooted in Big Data, thus making excellent use of data science to calculate fares based on various parameters.
Data science has played a pivotal role in the success of this international hospitality company that allows its users to host accommodations as well as find them through its website and mobile app. Airbnb contains enormous Big Data of host information and consumers, lodge records and homestays, besides the website traffic.
How Airbnb is using data science applications to make stays more comfortable?
The company uses data to provide better search results to its users. To analyze the bounce rate from its websites, Airbnb uses demographic analytics. A couple of years back when Airbnb discovered that users from some countries were clicking the neighborhood link, browse photos and page but don’t make any bookings. To alleviate this issue, the company replaced neighborhood links with top travel destinations and released a different version for the users from such countries which resulted in a 10% improvement in booking rate for those users.
Additionally, Airbnb uses knowledge graphs that helps them in matching user’s preferences with various parameters to provide best-suited localities and lodgings.
This online music streaming giant uses data science to provide personalized music recommendations based on its users’ browsing and listening history. Spotify contains a massive amount of Big Data and uses a large chunk of daily data generated to build its algorithms to enhance its user experience.
How Spotify is using data to revolutionize music streaming?
This data-driven company has been leveraging Big Data to offer personalized playlists to its consumers. The company has brought different analytical features for its artists through its Spotify for Artist Application. This data science application allows the artists to analyze their stream and the hits they are making through different Spotify playlists.
Spotify has used data science to get insights about which universities had a maximum percentage of party playlist. The findings were published on their page “Spotify Insights” to highlight the latest ongoing trends in music. The company also uses an API based product, Niland that uses machine learning to provide better recommendations and searches to the users. Furthermore, the company also analyzed the listening habits of users to predict the Grammy Awards Winners.
Mc Donald’s, the world-famous fast food joint has embraced modern technology in many ways. The company uses artificial intelligence and Big Data to boost its user experience.
How Mc Donald is making the user experience more enjoyable by using AI and Big Data?
Mc Donald’s mobile app allows users to order and pay through their mobile devices. Besides that, the users have access to exclusive deals. At the same time, the company collects data about its consumers like the food and service requested, how often they visit the drive-thru or visit the restaurant. Furthermore, the Data collected helps them to make more targeted offers and promotions.
Facebook with millions of users across the globe uses quantitative research through data science to get insights about the social interactions of its users. The company has become a hub of innovation as it has been using advanced applications of data science to understand user behavior and study insights to improve their product.
How Facebook is using data to revolutionize Social networking and advertising?
The company uses deep learning, which is an advanced branch of data science. With deep learning, the company makes use of text analysis and facial recognition. Facebook uses neural networks for facial recognition to enable the classification of faces in photographs. The company uses “Deep Text”, a text understanding engine of Facebook to understand user sentences. This engine is also used by the company to understand user interest and align photographs to the text.
Furthermore, the company uses deep learning for targeted advertising. The Big Data is used to gain insights about consumer preferences and advertisements are displayed according to users’ interest.
Data science has become widely rooted in several industries like banking, e-commerce, transport, healthcare and more. With data science companies providing tools for business analytics, machine learning, Big Data, and data management, organizations are embracing this technology to make better products. Those companies that have already used data science applications have seen an enormous growth pattern. Data science is a vast field and those who aspire to become data scientists can undertake data science tutorials that are easily available online.
The bottom line is that the industries need data to move ahead and therefore, data science has become an essential aspect of all the industries today.