“Big data” has joined a list of words that have achieved extreme levels of buzzword pervasiveness that their importance and efficacy has become understated. Big data analytics have transformed nearly every industry over the past decade and will continue to allow small innovators to disrupt massive industries. Harnessing the power of big data is integral to your success no matter the size of the industry you operate in.
These big data analytics examples showcase some of the most notable examples in 4 different categories that every company wants to improve in: Loyalty, Personalization, Risk Management, and Revenue.
Big Data Analytics Examples:
Coca Cola – Leveraging an Industry Leading Loyalty Program to Deliver Value in Exchange for Data
Coca Cola has long been an innovator in the loyalty program space. Coca Cola pioneered under-cap rewards and were one of the first companies to realize the potential that are now present across the industry to harnessing the data they gathered through this program to drive sales. By creating a robust customer database built on a loyalty program, they have insights to consumer behavior that allow them to provide extremely targeted and effective advertising while simultaneously building huge amounts of brand loyalty.
Netflix – Big Data Enabled Personalization
Netflix has built its brand on its vast offerings and seemingly endless entertainment, vaulting the concept of ‘binging’ into the cultural stratosphere. But how did they get there? Sure – it’s an easy enough proposition to create good content that people want to watch. You get there by hiring the best in the business. But – how do you ensure that people actually watch it? Netflix’s recommendation platform is built on understanding you and giving you tailored recommendations and featuring specific shows. Every single movie or show now contains a “Percent Match Score” that attempts to judge whether you will like a show based on your viewing history and other things you like. It’s a system like this that allows Netflix to constantly feed you content – keeping you engaged, entertained, and a subscriber.
Rocket Mortgage – Using machine learning combined with big data to mitigate risk
Utilizing machine learning combined with a robust data platform to create instant approvals that have baked in risk management. Their entire platform is based on getting people what they want without the hassle of a bank, so that technology needs to manage all the risk assessment that banks typically spend hours doing at various points in the mortgage process. This is a data analytics example where not only was big data able to transform business practices and drive growth, but it has also disrupted one of the largest industries in the world.
Amazon – Big Data Fueled Predictive Analytics that Seem to Read Your Mind
Where to start – without even mentioning the fact that they own and operate own of the largest cloud platforms on planet Amazon have defined how big data is used in e-commerce. From balancing logistics around predicted consumer behavior to an expert grasp of remarketing and their transformation of the package deal – Amazon has revolutionized our understanding of how data can be used to increase sales. There’s nothing more eerie than returning to Amazon and them recommending something that you had only thought about. Can amazon read your mind? We’re not there yet, but their behavior prediction has become so good that it sometimes feels like they can - you can thank Big Data for that!
So what does it mean for you?
Next time you’re weighing the pros and cons of trying to implement better data management and usage practices, remember these big data analytics examples. Every company on this list has all but assured its longevity, thanks in no small part to big data.
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About the Author: Cameron Avrigean
Cameron Avrigean is a Marketing Coordinator at fivestar*. Cameron is an analytics fanatic with a penchant for copywriting and social media. He works with the marketing team to create engaging content, and is looking for the next big thing. Cameron holds a B.S. in Business Management from Point Park University.