Big Data Analytics Use Cases in Real World
We can now easily find big data analytics use cases in the real world. Now that many business leaders start to realize the benefit potential behind big data, this technology has been taken into account in various industries. Big data analytics involves inspecting a large amount of data.
Big data analytics is done to unveil the hidden correlations, patterns, and also to give insights. The ultimate reason is to create well-informed business decisions in the end. Actually, enterprises have recognized the need for advancing from a knowing enterprise to a learning enterprise in today’s world.
Businesses also would like to become more objective and data-driven as well. As a result, they are employing the power of technology and data. The big data analytics use cases are proof that many organizations start to emphasize the use of this technology in their business.
The concept of big data has been around for years as well. The first mention of big data involves the application of analytics on data to get insights and discover trends. It includes capturing numbers on a spreadsheet and examines them manually. And here are some of the real-world uses cases of big data analytics.
Big Data Analytics to Increase Customer Acquisition
In any business, customers are the most essential asset. There is no business which can accomplish success without owning a solid customer base. Unfortunately, even with a strong customer base, a business is not capable to deal with the upcoming high competition ahead. Then, what should be done?
If you see some examples of big data analytics use cases, you will realize that this technology can be helpful to deal with customer acquisition. The use of big data enables your business to watch diverse customer related trends and patterns. Understanding customer behavior can be important to trigger loyalty.
Theoretically, the more data you collect the more trends and patterns you can identify. In today’s modern industry, a business can effortlessly gather the entire customer data needed. This means that it is very simple to figure out the modern-day customer. A good big data analytic strategy will be helpful here.
With an excellent data analytics mechanism, you can learn crucial behavior of the customers. A real example of big data analytics use cases in customer acquisition can be seen from Coca-Cola. At that time, Coca Cola took advantage of big data analytics to accomplish customer retention.
Big Data Analytics to Solve Advertisers Issue
We cannot deny that big data analytics can aid change in all business operations. It includes the capability to go with customer expectation. Let’s see the main problem today. Many businesses misplaced millions spent in using unfruitful advertisements. Why is this taking place? The lack of research phase can be the cause.
Thanks to the appearance of big data, the marketing and advertising sector can now take advantage of this technology. As a result, a more sophisticated analysis is achieved. The analysis includes observing the online activity, ensuring the dynamic modification in customer trends, and watching out sale transactions.
Then, what is the real-world big data analytics use cases at this point? Netflix makes a good example. This is a big brand which utilizes big data analytics for aimed advertising. With more than 100 million subscribers, this company has gathered huge data as a key to achieving success in the industry.
If you are one of the subscribers, you will be familiar with the way Netflix send you recommendations for the upcoming movie to watch. The suggestion is created by considering your watch data and past search. This collected data is then employed to provide those insights on what interest the subscriber the most.
Big Data Analytics to Manage Risk
Any business requires excellent risk management processes. A risk management plan is a crucial investment for any kind of business in spite of the sector. By having the ability to forecast a potential risk and diminish it before it happens is important. Here, big data analytics use cases come to play.
Big data analytics contributes to the growth of risk management alternatives. The available tools enable your business to calculate and model risks which it faces daily. Regarding the improving diversity and availability of statistics, this technology offers a big potential to improve the worth of risk management models.
As a result, a business is capable to accomplish better risk mitigation strategies and draw smarter decisions. Nevertheless, enterprises have to acquire the ability to implement a structured evolutionary to put up the big data’s broad scope. To reach this goal, enterprises should gather internal data first.
Then, what are the real-world big data analytics use cases related to risk management? UOB bank from Singapore makes a good example of a brand which uses big data to deal with risk management. This financial organization lately tested a system of risk management which is based on big data.
Big Data Analytics to Drive Innovations
Another advantage of big data is the ability to aid enterprises innovating and developing their products. Many enterprises have taken advantage of big data to make extra revenue through innovation and product development. Enterprises start with using as much data as possible to design a new product.
By using big data, every design process can be created to fit the customers. Real-world big data analytics use cases in this point can be seen from Amazon Fresh and Whole Foods. It makes an ideal example of how big data aids a company to innovate and develop a product.
Here, Amazon benefits big data to run a large market. Amazon gains data-driven logistics which enable creation and attainment of bigger value. Focusing on big data analytics, this company is capable to figure out how customers purchase groceries and how suppliers communicate with the grocer.
In conclusion, big data analytics is capable to help enterprises in achieving success. It can be utilized in a variety of department including marketing, product innovation, and management. As a result, there is no need to hesitate. These big data analytics use cases have shown you why this technology matters in business.