Networks and corporate connections are beneficial for any organization to do business but, the central pillar for developing & growing business is the organization’s internal know-how accumulated through understanding their business and the customers. This is true not just for online businesses but also for any business doing any activity online. That means, while making key business decisions, all organizations rely on the data that they can collect or generate.
Therefore, companies these days accumulate and analyse data with even more urgency to surge ahead of competition. Market surveys done by big consulting companies also point towards the trend of organisations placing increased emphasis on taking data backed decisions. The ultimate goal of the organization is profitability. Assuming the fact that every company acquires a different approach towards getting benefitted, dedicated research projects are carried out to find out most proficient delivery methods. For instance, a leading bank utilizes big data to keep a track on frauds and to keep the same in check.
A renowned insurance firm has established a dedicated data science team to resolve anything pertinent to any kind of claims & customer loyalty. Furthermore, E-commerce organizations utilize big data to retain clients and make them keep coming back. The fact is, be it virtually any industry, data-driven decisions are helping firms to accomplish profitability.
Significant reasons behind why companies adopting big data technologies:
- Organization’s aim to augment the overall productivity
- Enhancing client’s comprehension, their requirements & patterns of purchase
- Contribute towards profitability & revenue generation
Also Read>> Key Challenges Organizations Face When Implementing Big Data
Now let’s have a look on how all the top notch organizations are utilizing Big Data:
Telecom giant T-Mobile accumulates huge data through smart devices & gadgets like phone, tablet, etc. and it utilizes the data to keep a check on client turnover. The company has successfully accomplished a 50% decrease in turmoil & chaos in it by implementing the analysis & keeping themselves at the peak in the fields like geographical usage trends, client purchases based in location and client lifetime value. The distinct strategy that the company implements is Social Networks, as they can make an impact on various other telecom choices and in revert, these influential clients are provided with perks.
Coffee chain front-runner Starbucks possesses the capability to sustain an incredible number of locations within immediacy to others, which is a significant function of Big Data. To comprehend this more, we can take an example of two Starbucks coffee outlets in very near proximity to each other. This is not a coincidence; as they have been placed like this deliberately based on the big data, demographic information, traffic analysis and other pertinent details. Purpose behind opening many stores in close proximity to each other is that Starbucks works on “Squeeze it” principle. It creates an entry barrier for competitor brands in a specific area and based on the demographic analysis captures the footfall.
The company called Capital One is implementing & analysing behavioural data to outline client offering for ages. The optimization engine conducts analysis of client demographics & purchase patterns of users so in order to evaluate where, when and how to introduce offers & schemes to customers resulting in enhanced revenue generation along with a satisfying experience for customers. The organization also takes initiatives like setting up labs, which is a technology driven think tank with the help of which, professionals can utilize big data to sort through promising opportunities like various ways of mobile banking as huge data can be accumulated through specific mobile applications utilized by users and pertinent information provided on call of actions though these smart devices.
The apparel leader Free People utilizes infinite clients records, which are then processed by in-house analytics to comprehend the pattern of purchase and offerings for the next season. It read what was sold the most, what product didn’t sell at all, what was returned and what products actually enhanced the brand image of the organization.
What all of the above-mentioned organizations have done is that they have yielded maximum benefits out of big data which eventually results into accomplished goals. Centre point is organizations need to understand their key business objectives and realise the same with the massive potential of big data. Lacking a proper vision, organizations might invest money and resources in big data collection but in that case, the outcome will not be any more than numbers.
Giant & globally reputed organizations like Accenture, Oracle, PWC, SAP, DELL & HP and so on are also reaping the benefits of Big Data accumulation and analysis. An organization using Big Data is no longer a novelty, but not using Big Data can severely hurt the firm’s chances against its competitors.
Also Read>> 5 BIG DATA CONCEPTS!