How Data Science Adds Value To Your Business

Written by Mehr Un Nisa

On August 27, 2020
How Data Science Brings Value To Your Business

Data Science brews magic for each business differently yet effectively. Through this magic, businesses are now able to unveil underlying means behind the data they produce everyday. This allows them to answer questions that are spurring them on to previously unattainable profits and intelligent insights.

Why Data Is Said To Be The New Oil


Businesses are now amalgamating large amounts of data, or BigData, at every step of Value Creation i.e. data regarding customers, suppliers, finances and even macroeconomic scenarios.

Imagine you being the owner of a basic online shopping portal. Every time a customer buys a product, carts it, clicks on it or even lands on the displaying page, the company generates substantial numbers. Now multiply that for every customer that visits your website. All this data speaks volumes about the larger audiences’ shopping behavior, likes and dislikes, bounce rate etc.


Oil rig mining data



Wouldn’t it be great if you had the power to use all of these metrics, visualize them in an informative manner and use them to drive-up sales or reduce costs? Similarly, such metrics help businesses make decisions like picking suitable marketing campaigns, designing an appropriate User Interface and what not. 

These and many more decisions are made through extracting insights from heaps of data. This process, in its entirety, comes under the ambit of Data Science. Let’s see how the world is making use of Data Science to move from strength to strength.


Netflix: Why Are You Still Watching?


Netflix success through Data Science


Through close analysis of online streaming services, it is clear what sets Netflix apart from its contenders like Amazon Prime Video; its sophisticated Recommendation System. It works by collecting data when viewers pause, do they resume if they do? Which scenes viewers watched again or which TV shows a specific viewer completed entirely? These insights create personalized recommendations that contribute to Netflix having the largest market share in the industry.


Airbnb: The Mystical Unicorn


Over the years, looking at Airbnb emerging from a swamp of investment rejections to the status of a unicorn has truly been a strong argument in the case for insightful decision-making in the world of business. It was one of the few companies to have a Data Scientist in its initial team. The analytics-based strategy-making is what translated its efforts into magical growth.


Airbnb's logo


Their strategy began by collecting data on experience features like clicks, accommodation types, number of likes and reviews into a model that learnt from this data through Machine Learning and began ranking destinations. Eventually the factor of personalization was embedded into the process to give relevant suggestions to each user. 

This improved the booking rate by 7.9% and drove up the company sales. Through this process of growth, the company valuation has reached $30 Billion, taking it along the ranks of Uber and SpaceX.


Twiddy & Company: How Data Improved Their Business


Twiddy & Company Vacation Rentals, a family-business in the islands of Outer Banks USA, adopted the technology to bring a significant increase in the bookings they were receiving. After analyzing and drawing insights from their data, the company owners discovered trends in the traffic of bookings. 

Following these trends, they were able to accurately suggest registered homeowners exactly when they should rent-out rooms and at what rate to gain maximum revenue. E.g. Generally after February, the property manager noticed a reduction in bookings so they let homeowners to increase rates in January. Similarly, they reduced costs by up to 15% in maintenance.


What Next?


Businesses are presented with their next big product and the newest winning strategy every day. These insights are embedded into data that they are producing every second. However, what sets one apart from the other is the analytical sense with which they gather insights and use them as the guiding light to informed decision-making. 

This, and a lot more, is what MilestoneZero helps businesses or startups of all sizes achieve and over the next series of posts, I’ll show you exactly how.

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All Rights Reserved | MilestoneZero Technologies | 2020

All Rights Reserved | MilestoneZero Technologies | 2020