Big Data And Data Science: How It Is Used By Global Companies
Running a successful business in the age of information requires the need to use big data and data science. With this, now is the time to bring into reality your dream of launching your career in data science. It can present opportunities to be part of some of the biggest companies in the world. With that, in the rest of these post, we will take a look at some of the most successful businesses and how they use the power of data to propel their success.
According to Neil Patel, Airbnb treats data as the voice of the customers. In turn, they use data science for the interpretation of this voice. The company employs data scientists who are working directly with product managers, engineers, and even end users. They are guiding hosts in determining the right pricing strategies. As a host, you can access price tips that will provide recommendations on how to make the most out of your Airbnb listing. To add, big data and data science are also used for creating and measuring experiences.
As one of the most popular ride-hailing and sharing services in the world, the success of Uber can be attributed to the way it uses massive data. With the company’s database, it is quick to match a rider with a driver, which they claim to be possible within just 15 seconds. Plus, they are using data for the prediction of supply and demand. They are also using data to monitor the performance of their drivers. Despite all these, Uber maintains a clear policy of how they are using available data, making sure that there is no breach of privacy.
In one article from Forbes, American Express was hailed for its data-driven culture. The company used data and analytics for improving risk management and marketing, among other things. Big data is at the heart of every decision that they make. Despite its benefits, the management notes that there have been challenges along its journey to become data-driven. For instance, they have to deal with talent scarcity. There have been false starts along the way, but it did not hinder the company’s journey towards benefiting from data science.
The company noted that they are using big data analytics for customer retention, among others. In 2015, they built a digital-led program to improve customer loyalty. In an interview with its Director of Data Strategy, the latter revealed that they are using data to improve connections with their customers. They also use data science to learn from the opinions that are voiced by their customers through different channels, such as phone or email. Plus, they are using big data for creating relevant advertising content that will be instrumental in improving marketing effectiveness.
Indeed, big data and data science are critical in running today’s businesses, as proven by the success stories of the brands mentioned above. It can benefit companies in many ways, such as through customer retention, marketing effectiveness, improving customer service and driving loyalty, among other things.