Companies That Use Big Data and Have Improved their Results
Data analysis or Big Data opens the doors for companies to know the next step. Finding consumption patterns and correlations gives them an apparent perception of the market to make safe and intelligent decisions.
Big Data is one of the concepts you constantly hear about in conversations, but if you’ve never seen it in action, it can be difficult for you to imagine the benefits it can bring to your business.
This article will mention five companies that use Big Data; keep reading. The relationship between Big Data and Companies Data science and the analysis of information in real-time are new and innovative sources of high-value creation for the companies that apply it.
Companies that use Big Data use data differently depending on the category or sector to which they belong. The more efficiently they manage to do it, the more sales potential they obtain.
This genuine business innovation from communications, insurance and even finance allows us to achieve various benefits that later translate into the success of commercial strategies. It is no secret that, within all areas, the relationship between Big Data and Companies has grown significantly since it became a challenge to be more competitive in a market that constantly seeks to attack customer needs.
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Big Data Tools
Beyond collecting data, Big Data uses various tools that help predict behaviours and purchasing attitudes. Companies that use this technology take advantage of the utility of AI and Machine Learning to complement the collection and storage of data to process it more efficiently. These tools make it possible to specify some objectives that must be in tune with the values and vision of the company in question.
Five companies that use Big Data
One of the uses of Big Data is to sell more; This utility is the one that most attracts companies and, consequently, is the most compelling reason for using this technology. Undoubtedly, having high-value information about customers and users can bring multiple advantages, and you will soon see why. Next, we will discuss the five essential companies that use Big Data to obtain better results.
It is estimated that this company saves approximately 1,000 million dollars a year thanks to the use of its Big Data algorithms … Its history begins in 2006 when the company launched the famous ‘Netflix prize’ that awarded one million dollars which could invent the best algorithm to determine the opinion of its subscribers about a movie or series based on the scores previously marked. Currently, almost 80% of the content reproduced through this platform comes from the recommendation system. Netflix uses traditional enterprise AI tools like Teradata and MicroStrategy and combines them with modern Big Data technologies like Hive, Hadoop, etc. The result of all this is an algorithm that predetermines the content users are most likely to view.
This company has been number one in the world in clothing distribution for more than 12 years. Its success is hidden behind its high capacity to detect new trends as soon as they are generated and to send the garments to the stores quickly to satisfy the needs of its clients. Zara’s supply chain is underpinned by data analytics to develop predictions and make the right decisions. The data comes both from the daily inventory and orders of the different stores, as well as from the opinions of their customers.
Apple applies Big Data to behavioural economics to draw conclusions about its user base and use them in its favour.
Here are some behavioural economics principles that have allowed him to build his brand:
Endowment effect: We tend to value the objects we already own more, and big data shows that we are willing to pay more for them. Apple uses this principle by allowing you to try and use products from its stores.
Social proof: This principle is based on using and making the most of user testimonials and recommendations from friends and family.
Heuristics: People often use ‘mental shortcuts’ to make quick judgments. Apple takes full advantage of this principle in its Packaging since it is considered that if a package has a good design, the product will be phenomenal.
Price: The Big Data analysis of this company shows that its pricing strategy always works, despite not being very intuitive: its products always have a very high price and never discounts.
The retail behemoth can analyze a tremendous amount of customer data. Its algorithms allow it to collect, analyze, and use a massive amount of data from search and purchase histories.
For this reason, they can provide recommendations with a high probability of purchase, improve their prices and detect fraud in time.
This Singapore bank is an excellent example of Big Data for risk management. A highly reputable financial institution, there is considerable potential for loss if the risks are managed poorly. For this reason, in 2018, they tested an advanced risk management system based on Big Data. This allows you to considerably reduce the calculation times of the variables at risk, going from 8 hours to just minutes.
The importance and weight of this technology when it comes to providing profits, good results and other benefits to the largest companies.