How Companies Employ Big Data for Maximum Performance
Analytics show that data grows at a nearly exponential rate. International Data Corp. predicted that by 2020, each person on earth will generate an average about 1.7 MB of per second. This is where the notion of Big Data comes into play. Big Data has undoubtedly become a big game-changer in the modern industries over the last few years. A recent data analysis report from Dresner Advisory Services concludes that 53% of companies are adopting Big Data analytics. Considering implementing Big Data in your organization, here are some case studies on how companies employ Big Data to optimize their business performance.
Big data for customer retention and acquisition in banking industry
Citigroup has carefully assessed the potential use of Big Data analytics in their organization, including the opportunity in terms of benefits and cost. One area of Citi’s operations where Big Data analytics has been implemented successfully is in customer retention and acquisition. Big data is effectively used to analyze data and target promotional spending using machine learning and algorithms. Not only that, Citigroup also uses Big Data to scan transactional records to spot anomalies to identify incorrect, unusual, or fraudulent charges. With Big Data, Citigroup can spot potential issues quickly, or even before it happens through predictive modelling.
Big data for driving customer purchasing decision in retail industry
Walmart, the largest retailer in the world, uses Big Data to discover patterns that can be used to provide product recommendations to the user, based on which products were brought together. The use of Big Data in Walmart is proven to increase conversion rate of the customers and drive better customer purchasing decisions. With Big Data, Walmart can optimize the shopping experience of customers as well as increase logistics efficiency. Big Data is also successfully used in Amazon. Adopting the “everything under one roof” model, which resulted in a huge range of options, Amazon uses Big Data gathered from customers while they browse to build and fine-tune its recommendation engine. The more Amazon knows about their customers, the better it can predict what their customers want to buy.
Big data for faster innovation in fast-moving consumer goods industry
Procter & Gamble (P&G) uses Big Data to create the next S curve for analytics and insights to find faster, better, and cheaper ways to reach their customers. Combining Big Data and behavioral sciences, P&G uses technology to better understand their customers’ behavior and the contexts that shape them. This analytics is very critical to develop successful marketing campaigns and faster innovation when developing new products. The expected outcome of the use of Big Data is to get real insight so that it can inform product development and distribution for the better.
Considering implementing Big Data in your organization, some case studies on how companies employ Big Data to optimize their business performance mentioned above can be a good reference for your business. From whichever industry your businesses are, Big Data Indonesia allows companies to analyze large datasets, provide insights, and increase satisfaction that lead to business growth.