How Big Data Increases Corporate Revenue
Everything is about data now. It does not matter if your business is struggling, moderately profitable, or highly successful. If you want your business to improve, you need a data solution. This information is crucial for business transformation.
In some of the world’s largest technology companies, a large part of their intelligence comes from big data. So, take a look at some possibilities where it applies value to companies’ success.
1. Product Development
Netflix and Spotify use big data to anticipate customer demand. Besides that, Netflix uses social media analysis to test markets to plan and produce new content.
2. Customer Experience
Big data allows you to collect information from social media, web visits, and other data sources to improve interactions. It can help innovation by studying the relationships to determine new ways to benefit from the information.
These insights can be used to improve decisions and examine customer desires to offer new personalized products and services.
3. Marketing Strategy
With big data, companies may analyze audience data and access important information, such as behavior, type of purchases, and education to compose marketing strategies.
Big data is instrumental in information analysis. The company can seek new and better ways to make more accurate decisions.
They monitor the audience behaviors through applications and wearable devices, which generate information about their traveled distance, speed, among others. Nike Run+ is a good example. As a result, the company creates relevant products that meet the expectations of their target audience.
2. Burger King
For 2019, Burger King’s goal was to launch 65 new restaurants and increase digital operations revenue by 32%. In this endeavor, BK had the support of Zoox Smart WiFi.
By offering free, fast, and secure internet to their customers, Zoox created a database of important information for Burger King. BK discovered their most popular products to create a consumer profile.