Big data has been changing the way companies do business nowadays, such that through data management services, they can access important and accurate insights gained from the gathered data from a variety of sources.
These insights enable companies not only to understand their customers more clearly but also let them see their strengths and weaknesses, as well as, identify possible opportunities and threats.
Knowing these can help in improving their processes, and develop products and services tailored to their target market’s demands.
If you’re wondering how your company can harness the many benefits of big data analysis, read on for some inspiration from four of the most successful businesses that have successfully done it.
Amazon has been collecting personal data about their customers for years, and it doesn’t just include basic information such as addresses, contact details, and payment information. It also contains details on their purchases and other products they have ever looked at from the site.
They have organized all this data and made them readily available to their customer service representatives, enabling them to provide fast, efficient, and personalized services to their customers.
By empowering their staff to provide exceptional service, Amazon was able to develop better relationships with their customers.
Google uses people analytics to reinvent human resources. They realized that to keep innovating, they have to take a people analytics approach to ensure accurate people management decisions that will impact the company positively.
Aside from renaming human resources into “people operations,” they have adopted a data and analysis-driven approach when making people-related decisions. This has enabled the company to implement many unusual, powerful, and revolutionary changes that made them one of the top companies to work at for the past years.
Uber is changing the way people book taxis, as their business model leverages big data by crowdsourcing. The company possesses a huge database of drivers in all the cities it covers—enabling the company to match them instantly with passengers looking for a ride.
By using GPS, street data, and Uber’s algorithms, they can monitor traffic conditions and travel times in real-time, allowing them to adjust rates depending on the situation. They also utilize big data in their detailed rating systems to build trust among customers and drivers, and at the same time, enable them to make informed decisions.
Big companies like Starbucks are now using big data analytics to pick new store locations. Starbucks had to rethink its growth plan after they were forced to close hundreds of stores in 2007 and 2008.
By using Esri’s mapping software, they were able to have large amounts of location-based data and demographics analyzed in order to figure out the best places to open up a new branch—without negatively affecting revenues of other branches. This does not only help with their expansion plans, but also protects revenues in all their locations.
These examples illustrate how leveraging big data can help companies expand, improve processes and customer relationships, and create better products and services.
By keeping in mind how these companies were able to successfully use big data to drive innovation and growth, you’d be able to come up with ways on how your business can do it too.