Big data analytics is not all about analyzing massive data and finding insights to improvise the services and features of the product further. It’s also about using it in a different way for testing how better the business results can be generated.
Some of the top organizations in USA went out of their way in using big data for generating huge profits. Find the 5 real-time examples:
The online retail giant has access to massive customer data such as name, search histories, customer payment, addresses, etc. All these are considered essential and relevant information to analyze the future needs and preferences of a customer.
The data also provides a 360-degree view of every individual customer, so that the company can provide email recommendations based on the likes of the customer.
Netflix heavily uses big data for purchasing series and movies from the outside production companies and even to develop its own shows. One of the successful examples where Netflix used big data for good results was conceiving the popular content in the TV series- House of cards. The show was an instant hit, and as per the sources from Netflix, it was the most streamed content in USA and other countries at the peak of its success.
It was because Netflix had a direct relationship with the subscribers, and the vast data on how the audience interacted with the content helped the company in developing the show, which people loved to watch.
It focuses on the following metrics before developing the show:
- Portions of the content which was re-watched
- Day and time of the week when it was watched
- The device on which it was watched
- Location of the user
- Data from social media such as Twitter and Facebook
Data can play a major role in the significant transformation of GE. Sensors embedded in the power turbines, hospital scanners, and jet engines collects the data to be analyzed in the further process. It has been estimated that one gas turbine generates around 500Gb of data daily, and if all these data are used for improving efficiency by 1% across the key sectors, it will save around $300 billion.
4. University of Alabama: The institution has become one of the perfect examples of big data being harnessed for reaping good results. The university has more than 38000 students, and with the availability of the huge data, the data analysts are pulling the right information to put it into the spreadsheets. It has transformed the recruitment, retention, and the university’s operations.
Alameda county hospital in California uses big data for preventing ER visits by the patients in frequent numbers. Patient’s records are shared with the emergency departments, for example, if the patient has already carried out some tests in other hospitals or not, and earlier what advice was given to the patient.
It reduces the time of the patient in getting the details of the previous tests and executing unnecessary formalities. This is a great application of analytics in healthcare, saving both money and time.
Brands have been using big data in all the possible ways, whether it is self-driving cars, face recognition, or other forms. As big data analytics is more than a prediction technology, the process requires careful analysis and implementation for the company to generate profits by improving the business strategies.
The above examples depict the success story of the big data which the brands garnered in a short period, paving the path for more success stories.