Terms like big data are often associated to applications related to fields like banking, healthcare and manufacturing. But as organisations are coming to realise – and if not, they should be –, big data analytics is an important investment across all industries, and some of the world’s largest corporations are leading the way.
Businesses today want to be more objective and data-driven, using the massive amounts of data available to them to gain competitive advantage, reduce costs and drive customer retention. In fact, the strongest innovators consider big data analytics the most impactful area of innovation over the next three to five years.
By analysing the vast amounts of data to identify trends and help make informed strategic and operational decisions, leading global brands are leveraging this information to ensure they continue to innovate and stay well ahead of the pack. Here are some examples of how they are using big data.
Improving customer experience
Boasting almost 150 million subscribers worldwide, making it one of the largest media companies in the world, Netflix uses viewers’ past search and watch data and demographics to determine what might be interesting to them in the future. Using this behavioural data, applied to an AI-powered algorithm, the streaming service creates personalised recommendations for each user. And they are usually incredibly accurate: 80% of the watched content is streamed using their recommendation system.
Managing the supply chain
PepsiCo relies on huge volumes of data to ensure they replenish retailers’ shelves with appropriate volumes and types of products, at the right time. Thanks to reports provided by the company’s clients, which include their warehouse and POS inventory, PepsiCo can easily reconcile and forecast the production and shipment needs, ensuring efficient supply chain management.
Ensuring revenue management
A leader of big data analytics in the hospitality industry, the Marriott uses past and real-time data to track competitive brands and hotels, identify new revenue streams outside the rooms, and ensure the satisfaction of both gusts and people in the local community. However, its main focus is on revenue management: thanks to its Dynamic Pricing solution, the hotel chain can accurately predict demand and patterns of customer behaviour, and then sets optimised prices in order to achieve the best possible profit margins.
Whether it involves increasing customer retention, reducing costs or simply mitigating risk more efficiently, businesses in any industry should invest in big data analytics to benefit from all the data they have within their reach.
Keep up to date with the latest developments in big data and analytics at these upcoming events.