TOP 4 DATA SCIENCE CASE STUDIES
WHAT ARE CASE STUDIES ?
A case study is a research method that involves an in-depth, contextual analysis of a single or small number of cases. It is a qualitative research method that is often used to study complex phenomena, such as social or business problems.
Let us discuss the top 4 case studies to understand how data science is used in various businesses and how it helps to optimize the functioning of an organization .
1. Data Science in Hospitality Industry
In the hospitality sector, data analytics assists hotels in better pricing strategies, customer analysis, brand marketing, tracking market trends, and many more.
Airbnb focuses on growth by analyzing customer voice using data science.
A famous example in this sector is the unicorn ‘’Airbnb’’, a startup that focussed on data science early to grow and adapt to the market faster. This company witnessed a 43000 percent hypergrowth in as little as five years using data science. They included data science techniques to process the data, translate this data for better understanding the voice of the customer, and use the insights for decision making. They also scaled the approach to cover all aspects of the organization. Airbnb uses statistics to analyze and aggregate individual experiences to establish trends throughout the community. These analyzed trends using data science techniques impact their business choices while helping them grow further.
Travel industry and data science
Predictive analytics benefits many parameters in the travel industry. These companies can use recommendation engines with data science to achieve higher personalization and improved user interactions. They can study and cross-sell products by recommending relevant products to drive sales and increase revenue. Data science is also employed in analyzing social media posts for sentiment analysis, bringing invaluable travel-related insights. Whether these views are positive, negative, or neutral can help these agencies understand the user demographics, the expected experiences by their target audiences, and so on. These insights are essential for developing aggressive pricing strategies to draw customers and provide better customization to customers in the travel packages and allied services. Travel agencies like Expedia and Booking.com use predictive analytics to create personalized recommendations, product development, and effective marketing of their products. Not just travel agencies but airlines also benefit from the same approach. Airlines frequently face losses due to flight cancellations, disruptions, and delays. Data science helps them identify patterns and predict possible bottlenecks, thereby effectively mitigating the losses and improving the overall customer traveling experience.
2. Data Science in Healthcare
The Healthcare sector is immensely benefiting from the advancements in AI. Data science, especially in medical imaging, has been helping healthcare professionals come up with better diagnoses and effective treatments for patients. Similarly, several advanced healthcare analytics tools have been developed to generate clinical insights for improving patient care. These tools also assist in defining personalized medications for patients reducing operating costs for clinics and hospitals. Apart from medical imaging or computer vision, Natural Language Processing (NLP) is frequently used in the healthcare domain to study the published textual research data.
Pharmaceutical
Novo Nordisk uses the Linguamatics NLP platform from internal and external data sources for text mining purposes that include scientific abstracts, patents, grants, news, tech transfer offices from universities worldwide, and more. These NLP queries run across sources for the key therapeutic areas of interest to the Novo Nordisk R&D community. Several NLP algorithms have been developed for the topics of safety, efficacy, randomized controlled trials, patient populations, dosing, and devices. Novo Nordisk employs a data pipeline to capitalize the tools’ success on real-world data and uses interactive dashboards and cloud services to visualize this standardized structured information from the queries for exploring commercial effectiveness, market situations, potential, and gaps in the product documentation. Through data science, they are able to automate the process of generating insights, save time and provide better insights for evidence-based decision making.
BioTech
How AstraZeneca harnesses data for innovation in medicine
AstraZeneca is a globally known biotech company that leverages data using AI technology to discover and deliver newer effective medicines faster. Within their R&D teams, they are using AI to decode the big data to understand better diseases like cancer, respiratory disease, and heart, kidney, and metabolic diseases to be effectively treated. Using data science, they can identify new targets for innovative medications. In 2021, they selected the first two AI-generated drug targets collaborating with BenevolentAI in Chronic Kidney Disease and Idiopathic Pulmonary Fibrosis.
Data science is also helping AstraZeneca redesign better clinical trials, achieve personalized medication strategies, and innovate the process of developing new medicines. Their Center for Genomics Research uses data science and AI to analyze around two million genomes by 2026. Apart from this, they are training their AI systems to check these images for disease and biomarkers for effective medicines for imaging purposes. This approach helps them analyze samples accurately and more effortlessly. Moreover, it can cut the analysis time by around 30%.
AstraZeneca also utilizes AI and machine learning to optimize the process at different stages and minimize the overall time for the clinical trials by analyzing the clinical trial data. Summing up, they use data science to design smarter clinical trials, develop innovative medicines, improve drug development and patient care strategies, and many more.
Wearable Technology
Wearable technology is a multi-billion-dollar industry. With an increasing awareness about fitness and nutrition, more individuals now prefer using fitness wearables to track their routines and lifestyle choices.
Fitness wearables are convenient to use, assist users in tracking their health, and encourage them to lead a healthier lifestyle. The medical devices in this domain are beneficial since they help monitor the patient’s condition and communicate in an emergency situation. The regularly used fitness trackers and smartwatches from renowned companies like Garmin, Apple, FitBit, etc., continuously collect physiological data of the individuals wearing them. These wearable providers offer user-friendly dashboards to their customers for analyzing and tracking progress in their fitness journey.
3. Covid 19 and Data Science
In the past two years of the Pandemic, the power of data science has been more evident than ever. Different pharmaceutical companies across the globe could synthesize Covid 19 vaccines by analyzing the data to understand the trends and patterns of the outbreak. Data science made it possible to track the virus in real-time, predict patterns, devise effective strategies to fight the Pandemic, and many more.
How Johnson and Johnson uses data science to fight the Pandemic
The data science team at Johnson and Johnson leverages real-time data to track the spread of the virus. They built a global surveillance dashboard (granulated to county level) that helps them track the Pandemic’s progress, predict potential hotspots of the virus, and narrow down the likely place where they should test its investigational COVID-19 vaccine candidate. The team works with in-country experts to determine whether official numbers are accurate and find the most valid information about case numbers, hospitalizations, mortality and testing rates, social compliance, and local policies to populate this dashboard. The team also studies the data to build models that help the company identify groups of individuals at risk of getting affected by the virus and explore effective treatments to improve patient outcomes.
4. Data Science in Ecommerce
In the e-commerce sector, big data analytics can assist in customer analysis, reduce operational costs, forecast trends for better sales, provide personalized shopping experiences to customers, and many more.
Amazon uses data science to personalize shopping experiences and improve customer satisfaction. Amazon is a globally leading eCommerce platform that offers a wide range of online shopping services. Due to this, Amazon generates a massive amount of data that can be leveraged to understand consumer behavior and generate insights on competitors’ strategies. Amazon uses its data to provide recommendations to its users on different products and services. With this approach, Amazon is able to persuade its consumers into buying and making additional sales. This approach works well for Amazon as it earns 35% of the revenue yearly with this technique. Additionally, Amazon collects consumer data for faster order tracking and better deliveries.
Similarly, Amazon’s virtual assistant, Alexa, can converse in different languages; uses speakers and a camera to interact with the users. Amazon utilizes the audio commands from users to improve Alexa and deliver a better user experience.
