Success stories from data-driven powerhouses
Our world is changing, and with that comes a change in culture, politics and now, thanks to data science, business. The information garnered from data insight is revolutionizing many companies’ operations and decision making capabilities. From marketing strategies that utilize collected customer data, to the ever-closer dream of a self-driving car, big data analytics is the harbinger of the future. This future is one of pure customer satisfaction, and daily life specifically catered to YOU.
But with all the talk about big data out there, successful data science in business is still relatively rare. Many companies, even tech-savvy companies, are severely lacking when it comes to utilizing proper data insight. Other companies toe the line, using innovative techniques only after previous pioneers have proven successful strategies. And then, there are those who are leading the way in big data analytics, both in terms of innovation, and improving profit margins and customer experience. Here are some of the originators, in several different fields, who are paving the way toward a fully data-driven marketplace.
This startup-turned-global phenomenon began in 2008, offering a C2C platform for short-term rentals. Airbnb exploded in popularity and has now booked over 10 million nights, in 192 countries. Guests can rent private homes, rooms, tree houses, even private islands and castles. Airbnb’s meteoric rise can be attributed to two factors: first, there was a clear need for the service, as an alternative to impersonal, expensive hotels; and second, Airbnb based their growth on pining intense data insight, collecting and analyzing the 20 terabytes of data the company receives daily. Vice President of Engineering Mike Curtis recently told tech publication Gigaom, “We want to apply data to every decision. We want to be a very data-driven company.”1
The latest data-based feature Airbnb has introduced is called Price Tips. The Price Tips option analyzes the neighborhood, dates, and other identifiers of a listing and gives an automatic price suggestion to the home owner. Customers are four times as likely to rent the property when hosts list at around five percent of the suggested price.
Mount Sinai Icahn School of Medicine
Mount Sinai medical school is the frontrunner of a new trend in faculties using information science to deliver major breakthroughs in the treatment of cancer, Alzheimer’s disease, diabetes, and others. The data scientists at Mount Sinai utilize information based on genotyping, gene expression and organ health of over three million patients. The data collected from these individuals is studied and compared, in the hopes of finding patterns that lead to insights in the nature of the disease.
Along with this, the hospital also studies factors like previous hospital visits and illnesses to paint a clearer picture of which patients will be readmitted, as well as those that need follow-up calls and extra care. These skills will eventually save the hospital millions of dollars, which can be better directed toward more effective initiatives. When these techniques are proven and spread to other hospitals, the results from data insight will change the fundamental way medicine works in this country.
Elon Musk, the mastermind behind the Tesla car company, has already revolutionized online commerce with his company PayPal, space travel with SpaceX, and now owns and operates the most efficient and successful electric car ever produced. His next great challenge was that of autonomous driving. Safe, self-driving cars that, through countless data, can maneuver securely on city streets and freeways. The data wizards at Tesla feed detailed mapping and sensor data retrieved from other Teslas into complex machine-learning algorithms. The company has reported that safe, self-driving cars are no longer a dream into the distant future, but an upcoming reality we can all enjoy.
London’s Gatwick airport was always considered second-rate compared to its neighbor, the mighty Heathrow. But thanks to big data analytics, that reputation will soon be forgotten. The analytical team at Gatwick uses predictive modeling to adapt their services in times of crisis, or increased customer activity. The results of the analyses will give valuable information regarding the number of employees to staff, and how to get passengers to their gates as quickly as possible.
Successful companies in today’s marketplace need data analytics. The data insight in business improves customer satisfaction, predicts marketplace trends and streamlines operations. Companies hesitant to invest in a comprehensive data strategy will most certainly be left in the dust, as the innovators of the future speed past.
Interested in turning your company into a data king? Eccella consulting provides innovative strategies and solutions for your data-driven company.