Today data volumes are growing exponentially and it is coming from various sources like sensor data from the Internet of Things, log files, social media files like audio/video, call center call logs and all the organization internal data.
An organization who harness this data and exploit it for their advantage are surviving the competition even from nontraditional players.
Though the big data opportunity is growing rapidly, the top two big data challenges that organizations face are determining how to get value out of big data and defining a big data strategy.
Unless you acquire, store and retain the internal data from organization coupled with all the external data from call logs, audio/video files, customer surveys etc. there will be fewer chances of applying analytics on top of it.
Here are top 5 use cases businesses are deploying to get a competitive advantage.
1. Customer 360-degree view: A lot of companies had problems integrating large bulk of customer data between various databases and warehouse systems. They are not completely sure of which key metrics to use for profiling customers. Hence creating customer 360-degree view became the foundation for customer analytics. It can capture all customer interactions which can be used for further analytics.
2. Fraud detection and prevention: Financial crimes, fraudulent claims and data breaches are the most common challenges faced by organizations across various industries. Thanks to big data analytics and machine learning, today’s fraud prevention systems are much better at detecting criminal activity and preventing false positives. Today with help of Big Data platforms, banks can store all the historical data they have which can help in better fraud detection.
3. Recommendation engines: In this digital age, every business is trying hyper-personalization using recommendation engines to give you a right offer at right time. organizations that haven't taken advantage of their big data in this way may lose customers to competitors or may lose out on upsell or cross-sell opportunities
4. Sentiment Analysis: Today, it is important to know consumer emotions while they are interacting with your business and use that for improving customer satisfaction. Big data and social media channels together help in analyzing customer sentiments which gives organizations a clear picture of what they need to do to outperform their competitors. Disney, Nestle, Toyota is spending huge money and efforts on keeping their customer’s happy.
5. Predictive and preventive maintenance: With internet of things and sensor technology data is captured from machines, equipment, and devices in real time. All the data is put to use for predicting the failures up front and reduce unplanned downtime and maintenance costs. Companies like GE are using Digital Twins in their wind farm to drive down the cost of electricity.
Big Data is nothing new today and companies are building data lakes to take advantage of storing and retaining any number of years’ worth of history.
There are many more use cases but which other use cases you can think of that measure the success of an organization?