How Data Science Can Help You to Survive in Media, Hospitality, and Transportation?
"Consumer data will be the biggest differentiator in the next two to three years. Whoever unlocks the reams of data and uses it strategically will win." – Angela Ahrendts, Senior Vice President of Retail at Apple Inc.
The saying applies to any industry. Data science has changed the way we handle information nowadays. It goes beyond just handling the data sources. We can now manage, operate and analyze the data according to our needs.
Such is the case with the Media, Hospitality, and Transportation industries, where data science has taken their field by storm.
In recent times, the application of data science in media, hospitality, and transportation has come into the limelight. Such technically advanced applications offer better business opportunities. Over the years, data science has proven to be a good choice for many industries going digital.
The media, hospitality, and transportation industries are among those who have incorporated data science into their business strategies.
Let us look at the benefits of data science in the Transportation, Media, and Hospitality Industries.
How Data Science in Transportation, Media, and Hospitality has helped Businesses Boom:-
This article talks about data science in Media, Hospitality, and transportation domains and how data science has helped these sectors overcome hardships.
Based on relevant case studies, revolutionizing technologies (Data Science, Artificial Intelligence, and Machine Learning) have benefitted industries in overcoming obstacles and increasing corporate efficiency.
Data Science in Media Industry:-
The media and entertainment industry has a direct connection to the audience. Therefore, every decision utilizes the media industry data science techniques based on the customer's preference. Therefore, a company must establish a good relationship with the customer. Otherwise, their services won't sell.
This is evident in today's market, where customers can find services at any time and from any location. So those who can direct customers' attention to themselves get the upper hand. In this competitive landscape, data science can help broadcast the services and retain customers for a long time.
How is data science transforming entertainment?
Personalized Marketing:-
The ability to market a service or a product to a particular entity makes the advertisement much more effective. To develop a targeted marketing strategy, data science helps perform advanced analytical operations on the data gained through viewer interaction.
Through interactive ads, cross-channel marketing, tailored messaging, etc., businesses can market themselves to the right customer at the right time.
Real-time analytics:-
Companies can leverage this data more effectively through real-time customer data analysis. They can have a competitive advantage in targeting the right customers.
Social media content:-
Social media has become a one-stop shop for many consumers. They can easily get notified of the latest news and trends; therefore, utilizing proper social media marketing practices is essential today.
Using data science in the entertainment industry, especially the application of AI in social media, companies can now view general tendencies, user preferences, experiences, interests, and histories in one click. It can help them create an accurate customer profile and journey map.
Data Science in Hospitality Industry:-
The hospitality sector has also seen massive growth in its data science usage with the advent of more technological advances. As a result, the sector continues to utilize this discipline to its advantage.
How is data science transforming the hospitality industry?
Marketing:-
Data science and AI have helped marketers analyze relevant information from users and use it to make informed business decisions. This way, they can advertise to the right set of customers quickly.
Revenue management:-
To maximize revenue, it is important to optimize room rates and availability. A proper revenue management practice would help hotels or businesses sell rooms to the right customers at an affordable rate.
This system has become more productive through data science, increasing profits while decreasing human effort. Large amounts of data are piled up and merged from different channels to estimate demand and evaluate customer behavior patterns more precisely.
Booking price:-
Using AI-powered booking engines to collect user data each time they visit the website is an efficient marketing tool. These recommendation engines often have advanced learning algorithms that can analyze and modify the price for a better user experience.
Data Science in the Transportation Industry
The transportation industry is looking forward to massive growth by the year 2024. This is due to the recent incorporation of transportation analytics into the industry. As a result, the transportation system can build a successful supply chain through machine learning.
Data science can produce many advantages for different modes of transportation, such as:
Path optimization
Reduction of freight costs
Accurate forecasting
Enhanced maintenance of goods
How is data science transforming the transportation industry?
Enhanced Customer Service:-
Through personalization, the industry can improve customer service. This will help the suppliers and provide meaningful relationships with customers.
For example, United Airlines attendants have access to a tool that gives them information about customers, such as last flight details, dietary requirements, and their connection schedule.
Identifying MVCs (Most Valuable Customers):-
As some customers travel more than others, companies need to be aware of significant players to avoid customer churn. There is already a wealth of data about MVCs from loyalty programs that the travel industry has a hold on.
By combining historical data with predictive and real-time analytics, data science in transportation can easily anticipate what MVCs want in the future. They are also able to modify their approaches to suit that customer. It is much more expensive to acquire a customer than keep an existing one.
Up-Selling and Cross-Selling:-
By analyzing the customers' needs and wants, companies can select appropriate and relevant ads to be displayed. This way, the companies can cross-sell and upsell their products to customers more likely to need and buy them.
Using data science in transportation, they can target customers to display products that enhance the travel experience. This way, they retain a long-term relationship with the customers.
Companies Hiring Data Scientists in the Media, Transportation, and Hospitality Industry
Image by Author
Source: Glassdoor Salary Insights
Media
A data scientist's average salary in media and entertainment companies in India is Rs 13.2 Lakhs.
ABC offers about Rs 19.2 Lakhs per annum for a data scientist with more than ten years of experience. In contrast, Zee Entertainment offers Rs 15.9 Lakhs per annum for data science specialists with 1-5 years of experience.
Hospitality
The average data scientist's salary in the hospitality business is Rs 14.9 Lakhs per annum in India.
Oyo Rooms offers about Rs 14.9 Lakhs per annum for a data scientist with more than ten years of experience. The Taj Coromandel offers Rs 27.1 Lakhs per annum for data science specialists with 1-5 years of experience.
Image by Author
Source: Glassdoor Salary Insights
Transportation
Data scientists' salary in India ranges from Rs 7.0 Lakhs to Rs 33.6 Lakhs. Based on 76 salaries, the average annual salary is Rs 18.4 Lakhs.
Uber offers about Rs 29.5 Lakhs per annum for a transportation data scientist with more than ten years of experience.
Conclusion
The role of data science in media, hospitality, and transportation is vast. We cannot underestimate their value in today's day-to-day life cycle. Data science is no longer the term that many were once unfamiliar with.
As it has incorporated itself into many industries and continues to enhance business intelligence, data science will only increase productivity. Its applications and use cases in the media, hospitality, and transport industry have proven that any sector that utilizes data can apply data science.
With the increasing use of technology and more advances in data science, you can apply yourself to this field and benefit from this in-demand subject. In addition, a proper study of this field can leave you with industry-relevant knowledge that you may use for your benefit.
Be sure to visit Learnbay to learn more about applications of data science in transportation, media, and hospitality industries, and follow all our socials.
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