Dichotomy of Data Sciences & Predictive Marketing – What’s in Store?

It was in 2014, when Airbnb faced a problem regarding their pricing model for rentals. Several variables such as seasonality, individual penchants and choice of location created a somewhat chaotic maze in front of them. The brand wondered how they can set an optimal fee which synched with the variables and also got them ample bookings. It used data science coupled with predictive tools to understand, apprehend and replicate the necessary changes.   This kind of an instance posits the fact that data sciences and predictive marketing analytics are interlinked. Before delving into their core relationship, its better we see their individual-ness first!   Prologue – Data Sciences What is it? To answer this, we have to go back in history! When the world first entered the era of big data, there was an imminent need for its storage. This became the primary concern for industries till 2010. The...

 

Posted By: admin    Category: Data Science, Marketing    Date: September 2, 2019

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Data Science: The Fourth Paradigm of Modern Science

Data Science is a multi-disciplinary approach towards extracting structured and unstructured information as well as solutions from enormous amounts of unmapped data. It is often termed as the trendiest emerging frontier of cutting-edge modern scientific research. However, the problem that many modern industries face is data deluge, something too huge for traditional data mining methods to overcome.   The term ‘Data Science’ did not emerge until the late 2010s. Simply put, it combines statistics, algorithms, processes, mathematical skills and even business acumen to create solutions for new-age problems. A lot of related disciplines go into Data Science, including mathematics, computer science and statistics, besides Business Intelligence (BI) and Predictive Modelling. Award-winning scientists like Jim Gray have asserted that Data Science is about to change the way information technology affects...

 

Posted By: admin    Category: AI, Data Science    Date: June 17, 2019

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