What Industries Will Be Next to Adopting Data Science?
It’s no surprise that data science will surely spread to more industries in the next couple of years. So, which of them would probably be the next ones to hire more data scientists and benefit from big data?
We looked at five very different businesses that are starting to benefit or could benefit from data science and how exactly can big data better help them achieve success in their fields.
If you saw the movie Moneyball you might know why big data is important to baseball and sports in general. Nowadays, for instance, many NBA teams collect millions of data records per game using cameras installed in the courts. The ultimate goal for all these sports teams is to improve health and safety, and thus performance of the team and individual athletes. In the same way that businesses seek to use data to custom their operations, it’s easy to see how these two worlds can crossover to benefit the sports world.
2) On-demand services
Uber gets attention for its growth and success that came mainly because how the company uses data. The Uber experience relies on data science and algorithms so this is a clear example of how on-demand services can benefit from big data. Uber continues to succeed because of the convenience that its data-driven product provides. Other on-demand services should look up to Uber’s example for their own good and follow up with relying more on data science.
3) Entertainment industry
In this era of connected consumers, media and entertainment businesses must do more than simply being digital to compete. Data science already allows some organizations to understand their audience.
A once content-centric model is turning into a consumer-centric one. The entertainment industry is prepared to capitalize on this trend by converting information into insight that boosts production and cross-channel distribution. From now on it can be expected that those who provide a unique audience experience will be the only ones to achieve growth.
4) Real estate agents
We continue hearing that the housing market is unpredictable, however some of the top real estate agents claim they saw the housing bubble burst coming way back (think again of movies, exactly like in The Big Short). It’s easy to obtain this information from following data and trend spotting. This is a great way for this volatile industry to be prepared for market shifts.
5 ) Restaurant owners
This business field is the epitome of how important it is being able to tell what customers want. According to the Washington, D.C.-based National Restaurant Association, restaurants face another big obstacle besides rent, licensing and personnel: critics, not only professional but amateurs who offer their opinions on social media. The importance of quality is the reason why restaurants are beginning to use big data to understand customer preferences and to improve their food and service.
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