How big giants are utilizing big data analytics
With over 2.5 quintillion bytes of data being produced every day, the data is on overdrive, accelerating at a break-neck pace. From facebook likes to posts, Twitter’s tweets to Instagram shares, the digital world is flooding with data out from dozens of connected devices we utilize every day.
However, this massive amount of data never sleeps. Companies, businesses, and organizations are turning to more advanced platforms like big data and AI to enhance their process, revenue and productivity. They apply big data analytics to the data produced by their consumers to gain insights and uncover current trends. But, deploying Big Data, ML, and AI is all about putting them to the proper utilization.
Let’s navigate the application of these robust technologies and how big brands use big data as a part of their core business.
Here, in this e-book, we break down this complex deployment into concrete steps that will help organizations lay the groundwork for success.
But before that, let’s understand what exactly Big Data is?
It is a term applied to collate data whose size is way more than the capability of traditional relational databases. It is crunched in real-time and comes from devices such as — sensors, networks, social media, and the web in three different forms viz, structured, unstructured, and semi-structured.
We acted on more than half of the web searches from our mobile phones which again piles up a humongous amount of data. Users are consistently delivering their data to organizations, and companies are using modern extensive data analytics systems for speedy and efficient analytical procedures.
Big Data analysis allows business analysts, users, and researchers to make faster and better decisions using inaccessible and unusable data.
Now that you are done with the concept of Big Data let’s see how big brands are utilizing it to make better-informed decisions, build ad campaigns, and even predict customer behavior.
#1. Amazon uses Big Data Analytics so that it can stalk you.
Amazon is one of the popular eCommerce giants today in online retail stores and no doubt how efficiently it manages its database. The organization uses Big Data for targeting marketing and has assisted the brand evolve as a giant among e-Stores.
To build organizations loyalty and boost customer satisfaction, the organization thought of stalking its consumers with the assistance of Big Data, and let’s see how it has helped them.
- Personalized Recommendation System
Amazon utilizes the collaborative filtering engine technique to analyze the purchasing pattern of its purchasers. The organization makes 35 percent of its sales annually by using this method. It looks into your cart, your wishlist, and the items you searched for the most. It then uses predictive analytics to recommend the same products when you return to the site again.
- Anticipatory Shipping Model.
Amazon uses Big Data analytics to predict the products you are about to purchase and when you will add them to the cart. The technology is innovative and quickly indicates the local distribution warehouse from where the items will be shipped, thus decreasing the delivery time and increasing the overall expenses.
#2. Netflix solves advertisers’ problems by offering Marketing Insights
Netflix is amongst the Fortune 500 conglomerates that utilize big data services for targeted advertising. The organization collects billions of data in a single day, giving them what interests the subscriber the most.
Big data analytics influence all business operations. It makes sure that the marketing campaigns are robust and powerful. We all know that organizations waste millions on advertising that is not even helpful. Embracing big data in the correct way can assist you reinforce your marketing and advertising strategy. With customer insights, you can build more focused and targeted campaigns.
#3. PepsiCo uses big data for better Supply Chain Management
PepsiCo. is a consumer-packaged-goods company that relies on immense data for efficient supply chain management. Supplier networks become more efficient, accurate, and insightful with big data services. They achieve contextual intelligence throughout their supply chains and allow them to beat the constraints that they faced in the early phase. For example, the organization can develop reports that involve POS inventory and warehouse, and the data can be utilized to forecast product and shipment requirements.
#4. Starbucks uses Big Data to create a better customer experience
Starbucks is a global Coffee brand with a popular logo and the infamous activity of writing wrong names of their customers on cups. They collect data by offering their consumers with Starbucks rewards programs and mobile applications, which assist them know more about the buying habits of each of their consumers.
Starbucks is then utilizing that data to recommend products to their loyal customers, create better marketing campaigns and new menus, and decide where they will open their next store across various geographies. This system is well-organized so that it will boast its consumer products based on the weather, season, and geography they are in. They also shoot out personalized emails with offers to consumers who haven’t visited the store in some time, so they can re-engage them or send them discounts.
#5. UOB bank used big data for risk management
UOB bank from Singapore utilizes the big data services to drive risk management. Being a financial body, there is a higher probability of incurring losses due to diverse reasons. In the ultra-competitive environment, you require better risk management processes in place. Regardless of which industry you are from, risk management enables you to mitigate potential risks even before it happens, making your business profitably sound in the long run. So far, big data has accorded a lot to developing risk management solutions. You can achieve more innovative risk mitigation strategies with big data analytics services and stay ahead of the competition.
There are numerous big data service providers out there. However, it would be best to make the correct choice to implement it right. As technological innovations continue, the data is readily available to all enterprises.
It is up to the organization to make sure appropriate data analysis so that you can handle data appropriately. Now that you got an idea of how big brands are leveraging the technology and growing so far.
Book your consultation with our big data experts and know how we can help your business grow and get started.