Businesses that have prioritized data science are growing tremendously. This is because data is also growing at a high rate. The following are few businesses that have grown from by the use of data science. This will show us how data scientists do better understand the role that data science plays in the business.
Data Science has played a very important role in this business. A good example is the Rent the Runway. This is an online retailer that enables customers to rent designer clothes and accessories. There are photos and customer reviews in this online company. The reviewers post information and pictures. The company uses the data to build features that allows others to enter their attributes. This helps them to get what they want. The company helps to match the customers.
A data scientist uses the data available, parses the data, and then uses it to recommend the company what to rent and surface data for those browsing. This will make them feel comfortable.
By the use of the available data, the company is able to suggest products that fit right.
The best example here is the timberland’s boots. The company fell off some time back. In 2006 to 2012 the company lost significantly the market share in America. However in the past few years the sales have improved by 15%. This is through data collection from consumers, 18,000 shoppers from eight countries.
The data was analyzed and the problems were found. The company addressed the problems and discovered the ideal consumers for its products. They best suit urban dwellers performing casual jobs in the outdoor.
In this business, Buzzfeed is the best example. There is no other publication that can reach the virality that Buzzfeed does. Every listicle in Buzzfeed is analyzed carefully in terms of engagement. An item is removed if the article is too low.
Every item is placed strategically on the page depending on the order. The company carried an experiment recently, that is, clustering user characteristics with content that they consume. They found out that the clusters showed people who are interested in Jennifer Lawrence were also interested in penguins.
Buzzfeed arranges and rearranges which posts to show most prominently on their web, by analyzing the data in real time. It always predicts the most viral posts in any given day.
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Uber always gets attention for its nonstop success and growth. This is due to its way of handling data. Its whole experience is predicted on algorithms and data science. Surge pricing by Uber is revolutionary for the taxi business. The algorithm monitors traffic and journey times in real time so as to influence pricing. Due to provision of data driven product with convenience, the company is deemed to succeed.
The above businesses have experienced success through data science. There are small things that any business should take to start incorporating a data driven philosophy into any business. To achieve success with data science, we should understand the work of data scientists.
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