Big Data Analytics - Success Stories
By Afia Ahmad
Every day we produce a huge amount of data; it may be through emails, sending a text, uploading a video on Facebook and so forth. The advent of technology and access to unprecedented data from social networking sites, connected devices, etc. has led to a rapid influx of data each year.
All this structured and unstructured data falls under a term referred to as Big Data. Industries from various sectors spend millions on Big Data analysts to interrogate their complex data, formulate smart decisions and convert it into a strategic asset.
Several companies have tapped into this array of data and discovered immense potential. They analyzed their data and found a new way of running their business. The implementation of Big Data Analytics training provided them useful insights and helped them gain a competitive advantage. Let’s take a look at three Big Data Analytics success stories:-
Amazon was one of the earliest adopters of Big Data Analytics. The business transformation took place through its personalized recommendation system, which suggested popular products for users who visited Amazon. By using Big Data to analyze customer preference, Amazon determined which items customers purchased in the past or viewed recently. Now, Amazon presents a list of items you may consider purchasing. This recommendation system helped Amazon boost its sales by 29%.
Amazon continues to use Big Data Analytics to build its web store, craft 360-degree customer profiles, and prevent thefts. Today, it has transformed from an online retailer to a big data company.
Be it at stores or online activity, Walmart has made a name for itself in the retail industry. With more than 250 million weekly customers visiting 20,000 stores, it has become the world’s largest retailer.
To anticipate the needs of its customers and create the ultimate shopping experience, it started the Data Cafe - an analytics hub whereby a team member from any part of the company’s business could resolve a problem with an analytics expert. A problem that took 3 weeks to solve would now take 20 minutes. This saved time and massively increased Walmart’s revenue.
Spotify decided to provide a personalized user experience with the help of Big Data. The company analyzed user data and made recommendations based on the songs played by the users along with their old data. It helped Spotify understand their user preference and improvise music engagement. The company even streamed data to predict the Grammy Award winners by breaking down their users listening habits and determining the popularity of a song at the time.
Today, Spotify has 100 million active monthly users and 40 million paying subscribers. In this way, Spotify revolutionized the music industry through Big Data.
What do all these companies have in common? They have successfully integrated analytics into the fabric of their business. They used refined data and algorithms to improve market knowledge, which proved fruitful in creating an enriching user experience.
With this in mind, it can certainly be said that employees who are equipped with Big data certifications are great assets to an organization.