Data Turning Industries Upside Down is a new series that we will be publishing on our ORTEC Data Science LinkedIn page for the next 18 weeks. One post per week – 18 posts in total – in which you will be exposed to intriguing facts on today’s impact of data in various fields of work. In addition to the shared facts on our LinkedIn page, some insights & views from our perspective will be shared in this blog.
We hope you enjoy these facts as much as we do. If you have any other facts that you would like to see in our series, please leave a comment on our LinkedIn page.
An Industry Breakdown:
There are many produced goods which have a seasonal demand. Estimating the quantity of raw materials demanded can be done more precisely by the use of big data. The estimation enables manufacturers to produce products in anticipation of demands, thereby leading to price stability and continuous growth.
Through the use of big data, the shipping industry has grown strongly over the past few years. Tim van Luxemburg, Analytics Consultant at ORTEC, states the impact data: “when companies start using their own data, it enables them to make better and faster decisions. Even greater benefits can be gained when different parties start exchanging data with each other, thereby increasing the industry’s overall operational efficiency, transcending the chain itself.” Data exchange is needed for this cooperation, which has become increasingly accessible due to the technological development of the last years.
Big data and analytics can be used to track lost parcels and mail. By having insights into the place and time within the process, mistakes and fraud can be prevented. Based on that, the number of claims can be limited, as well as it lowers the costs of claim-handling.
Voice-assistants are designed to be personal assistants that make consumers’ lives easier. They can truly act as a physical store representative and guide the customer through the online assortment to find the product the customer is looking for. Besides physical stores, built-in voice-assistants also help with finding restaurants, stores, or hotels, whereas high-tech refrigerators equipped with voice assistants enable owners to order groceries.
Get ready for the voice-shopping trend: by 2021, it is predicted that about 18% of total shopping will be done by using a voice-assistant. (Shopify)
TRAVEL & LEISURE
“Nearly 60% of consumers believe that their travel experience should deploy the use of AI (Artificial Intelligence) and base their search results on past behaviors and/or personal preferences.” (Oliver Heckmann, Google’s Vice President of Engineering for Travel and Shopping). Google’s data shows that 36% of consumers are willing to pay more for these personalized experiences.
Arnoud Kuiper, Consultant for Travel & Leisure at ORTEC, states the importance of the travel experience nowadays: “Customers find the whole travel experience increasingly more important than just the travel itself. Besides that, travelers like their travels to be unique, which can be created by a personalized experience.”
That’s it so far! Stay tuned: it’s to be continued… Next one: 25 April