‘Data science’ is not a scary phrase, it’s imperitive for businesses to stay competitive

The New Program Dedicated to Keeping Mississippi at the Forefront of Technology

“Those who own data own the future, but only if you know what data you’ve got,” said Steve Holyer said during his presentation at Big Data LDN. And he’s right. In 2019, data is being created, stored and shared at an alarming rate, but data is useless unless you can collate it, analyze it and learn from it, which is where data science comes in.

What is data science?

If you see dark clouds, you can probably predict a storm. This is because your brain sees and feels this information, and from your past experience you know it means a storm. You probably move inside, because your prediction led you to a logical solution. Scale the clouds up to include data from almost everything – smart phone locations, CCTV footage, grocery store purchases and online searches. Brains get overwhelmed with this much data, but technology doesn’t.

Data science is a combination of tools, algorithms and machine learning that finds patterns from data. It will use known information and historical evidence combined with machine learning algorithms to make future predictions. Data analytics and data science give context and help form patterns – in the information age, this is cruical.

Why is it important?

Firstly, like getting out of the rain, data science can make predictions, which can be adressed and resolved with logical conclusions. Secondly, when data is being collected and collated, anything that stands out is noticed. This means that posibilities of risk and fraud are seen in minutes, not days or months. Thirdly, organizations can see, at a glance, who’s buying what, where and when. By understanding the target audience, any company can improve its customers’ experiences.

Introducing it into business

In the information age, data scientists play important roles in businesses, but not every company has the capacity for them. This is why companies like data.world were created. This Texas software startup creates a searchable, cloud-based catalog of a business’ data. It then uses specific graphing technology to help visually explain and map that data. Think of Facebook’s newsfeed and profiles mixed with Google’s searchability and library of information. data.world’s catalog is an inventory of metadata. The company uses it to classify and filter data, which is then better rediscovered, shared, understood and used.

Are you developing a new data science tool? Did you know your work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is Texas’ largest Specialist R&D tax advisory firm, offering tax credibility assessments, claim preparation, and advisory services. We manage all facets of the R&D tax credit program in Texas, from claim prep & audit compliance to claim disputes. Click here to learn more about our technical expertise.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPA’s.  For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative. 

Take the Comforts of Home With You: Atlanta-based startup Koridor personalizes your hotel accommodations

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It is important to be comfortable when away from home, especially on a well-deserved vacation. Traditionally, there aren’t many personalized options available when booking a hotel room. That is all about to change, thanks to Koridor, an Atlanta-based startup that wants to empower guests through its MyRoom platform.

By combining consumer behavior principles, innovative merchandising techniques, and valuable analytics, MyRoom helps consumers to have more control over their room choices. “For many years, the hotel industry lagged other elements of the travel experience when it comes to offering a mechanism to select a specific unit of inventory. With the MyRoom platform, the hotel industry finally leads the travel industry by offering guests an immersive, engaging experience that enables a much higher degree of personalization,” said Koridor CEO, Larry Hall.

“So when a guest is browsing a hotel, they can see a virtual tour of that room, they can see three dimensional imagery, they can see 360-degree views of the room or well-done still shots,” Hall continued. The software also provides guests with floor plans, available upgrades and window views. MyRoom is so specific, it allows a user to pick proximity to elevators and ice machines. Depending on the hotel, the software also has the option to include specific amenities, such as fireplaces, oversized closets, or a double-size sink in the room.

MyRoom is a first-of-its-kind software platform that was formed by seasoned entrepreneurs with deep industry expertise in hospitality and technology. To create such personalized experiences, Koridor works with hotel clients and manages the process of capturing digital assets and will swiftly configure the platform to highlight the personal qualities of each hotel. Analytics are then hauled into the mix, which can track consumer behavior, patterns and preferences, thus generating information that is used to tailor a guest’s experience, which in return increases revenue.

Are you developing software to improve the hospitality industry? Did you know that you can receive up to 14% back on your research expenses with the R&D Tax Credit? To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is a Specialist R&D tax advisory firm, offering tax credibility assessments, claim preparation, and advisory services to the state of Georgia. We manage all facets of the R&D tax credit program in Georgia, from claim prep & audit compliance to claim disputes. 

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs.  For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Las Vegas exposed the limits of Google’s algorithms. But is there still hope?

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Google’s dominance in the diffusion of information is a nearly an undisputed fact. But what happens when Google’s algorithms fail to provide quality, reliable information when it’s most needed?

This was the case with the Las Vegas tragedy when Google’s Top Stories featured a 4chan forum post which wrongfully accused Geary Danley as the perpetrator of the shootings. Unfortunately, the post spread across the Internet and Danley’s good name was smeared. It is common knowledge that 4chan is not a reliable source: the forum is notorious for its “trolling” personality, racist views, and willful dissemination of inaccurate information. Yet, Google’s algorithms did not filter the 4chan post. After receiving widespread criticism for circulating the 4chan post, Google issued the following response:

Unfortunately…we were briefly surfacing an inaccurate 4chan website in our Search results for a small number of queries. Within hours, the 4chan story was algorithmically replaced by relevant results. This should not have appeared for any queries, and we’ll continue to make algorithmic improvements to prevent this from happening in the future.

In the past, Google was simply a resource of information and acted as a search engine.  Yet with the “Top Stories” feature which highlights trending stories, the company now also bears the responsibility of curating news. While useful in ordinary situations, Google’s algorithms have fallen short when it comes to filtering for reliable sources during breaking news like Las Vegas. In simple terms, Google’s Top Stories algorithm measures stories and posts by two variables: “freshness”, how new and trending a topic is, and “authoritativeness”, the credibility of the source. The algorithms allowed the 4chan post to surface into the mainstream because calculations weighed “freshness” over “authoritativeness”. In response to Las Vegas and other blunders, many critics have since denounced the algorithms, deploring them as “rogue” and a “failure”.

However, technically-speaking, the algorithms did not “fail”. They simply did what they were programmed to do. Perhaps there is hope to improve the algorithms. As Artificial Intelligence has shown, machines take time to learn, requiring many examples before they can perform effectively. What is needed, therefore, is an improved way for these algorithms to filter information and measure accuracy.

Are you a computer scientist or software engineer developing improved algorithms that would prevent further blunders like the Google 4chan debacle? You may be eligible for the R&D tax credit. If you would like to find out how your company could benefit from R&D Tax Credits, please contact a Swanson Reed R&D Specialist today.

Swanson Reed regularly hosts free webinars and provides free IRS CE credits as well as CPE credits for CPA’s.  For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

R&D Tax Credit for Software Companies

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Research and development (R&D) tax credits can make a significant difference to a company’s tax return, with the US government providing billions of dollars worth of credits annually. Despite the financial benefits, many software companies are not taking advantage of the credit, as they believe that their work does not qualify.

While this may have been the case in the past, changes to the PATH Act of 2015 expanded eligibility to include small and medium sized businesses who may not have previously qualified, allowing them to offset their regular and alternative minimum tax liabilities and use the credit against payroll taxes. Prior to these changes, many tech start-ups could not claim the credit as they were not yet profitable. The Startup Provision amendment acknowledged the fact that start-ups are some of the country’s most innovative companies. Further changes to the PATH Act also made the credit permanent, so that innovative companies could continue to invest in R&D with confidence.

Another incorrect assumption is that the software needs to be developed for commercial use. The R&D tax credit can be applicable to the development of improved internal business systems. Any applied science and technology that is used to solve a practical business problem can be considered qualified R&D. This means that the software should be new to the business, but does not need to be groundbreaking. Improvements to a program, new iterations, coding solutions and developing algorithms can be considered eligible activities. The work does however need to differ from existing software and there needs to be substantial financial risk if the project proves to be unsuccessful.

Finally, it is also possible to claim for paid work. For government contracts, eligibility will depend on the terms of the contract. For instance, the contract must state that the work will only be paid for if successful, otherwise there is no financial risk to the company for the research.

It is a good idea to consult a tax advisor to determine your eligibility. Contacting Swanson Reed R&D Tax Advisors for a free assessment is a fantastic first step. They will guide you through the process, taking away any uncertainty or stress in claiming the R&D tax credit.