How Big Data can increase the companies revenues
According to GE’s international research, Industrial Internet Insights for 2015, 89% of surveyed companies define Big Data as crucial for their business digital transformation, and 82% see it as an important source of value for companies. In 2013, the search results for that term in Google went from zero to an explosion in the last four years, says the study of global trends in Big Data published by Tata Consultancy Services (TCS). It is unquestionable that Big Data has become real capital for companies.
In some of the world’s largest technology companies such as Apple, Microsoft, and IBM, a large part of the value they offer comes from collected data, constantly analyzing it to produce more efficiently and developing increasingly molded products to its public needs.
Take a look at some possibilities where Big Data can be applied and right after that some success stories.
1. Product development
Streaming companies like Netflix and Spotify use Big Data to anticipate customer demand. Besides that, Netflix uses data and analysis of social media, test markets and anticipated releases to plan, produce and launch new content.
2. Customer experience
Big Data allows you to gather data from social media, web visits and other data sources to improve the interaction experience. Big Data can help innovation, studying the interrelationships among humans, institutions, organizations, and processes and then determining new ways to use these perceptions.
The insights drawn from data can be used to improve decisions and examine what customers desire in order to offer new personalized products and services.
3. Big Data in Retail
According to the executive of IBM Brazil, Alejandro Padron, retail appears as the third main Big Data services client for the company, just behind banks and telecommunications companies. “Every sector that has many clients has the challenge of customizing the service to them,” he explains.
To achieve the goals mentioned, the retailer can hire different types of services, such as collecting customer information to access data as a strategy; quality information about the consumer; automatic process; analysis of large volumes of data to extract patterns among others.
4. Improve marketing strategies
With Big Data, companies may analyze audience data and have access to important information – such as behavior, purchasing profile, education – and thus draw well-structured and decisive marketing strategies.
Iteris Consulting’s Solutions architect, Bruno Mass, exemplifies the usefulness of the tool provided that many companies use the data coming from social networks for profiling:
“Basically, considering people’s like activity, it is possible to determine a plethora of information: their political preferences, if they are in a relationship, if they have children, if they prefer going out on Saturdays or Fridays, consumer preferences, and much more.”
Together, BI and Big Data become complementary in the analysis of information, since the ability to search for industry standards becomes broader. So the company can seek new ways and make accurate strategic decisions.
Nike monitors the habits and sports behaviors of their audience through applications and wearable devices, known as Wearables, which are able to generate information related to the distance traveled, speed, favorite places for training, etc. Nike Run + is a good example of these applications. With this, the company creates products that are more aligned with the expectations of their target audience.
For the year 2019, it was established as a strategic goal to launch 65 new restaurants and a 32% increase in revenues in digital operations. For this, BK had the decisive support of Zoox Smart Data technology.
Through free fast and secure internet delivery for Bk’s customers, Zoox creates a giant database, giving BK information such as the most popular products, intensifying publicity and promotions for those that are not going well as well as draw a consumer profile for the restaurant.