5 Real-World Applications of How Brands are Using Big Data Analytics

Big Data Analytics and data science are everywhere we see in the modern technology industry and even our daily lives. Data analytics and artificial intelligence are pretty closely knit together. Modern-day data analytics companies make it possible for us to leverage the power of analytics and make lives easier through automation.

Companies are innovating in the field of data science and analytics in one form or another. Whether it is a data analytics company, or a product or service sector organization, most companies today are finding ways to utilize data analytics.

As the advent of data analytics rises, and companies depend on automation more, it is natural we see the same in our daily lives. This also applies to any corporate data analytics company. Here are some examples of how brands are using big data analytics:

1. Customer Retention: 

Everything a company does or can do these days depends on its actions and the data it collects when running its business. The more data a company collects, the more conclusions that can be drawn, allowing companies to better cater to their customers. That is because with increasing amounts of data, it is possible to use big data analytics to make sense of it and use actionable insights, such as assessing how customers preferred to be contacted, what time of day or day of the week they are more likely to shop, and which products they are most likely to purchase. This helps to change the course of business by effectively targeting customers for better customer retention. 

Data analytics can help tune the accuracy of business decisions to allow for better prediction of customer actions and business risks as well.

2. Marketing Insights: 

Marketing and sales teams often face the brunt of acquiring potential customers. If something doesn’t work on the marketing and sales teams, it affects the entire backend work of the company. If marketing is not effective, it is difficult to retain, get new leads and acquire clients.

Data analytics helps in deriving insights to deliver personalized ads and targeted marketing for new and existing customers. Increasing the accuracy of marketing means better targeting, a better reputation and better return on investment.

Also Read: How Data Help Making Marketing Decisions

3. Risk Management: 

Being able to predict something is the best use of data analytics. Seeing how old patterns can give rise to a certain outcome or consequence can help determine crucial business decisions. That is where risk management comes into play. Being able to recognize potential downfalls, evaluate certain path or decisions, and create alternate business scenarios for a best and worst-case scenario is what risk management is all about. With access to old data and previous situations, algorithms and use of data can help create insights to see where one can go wrong and correct it as best as possible. In other words, being self-aware and taking action to correct mistakes or bad decisions before they happen is possible with the use of data analytics.

4. Innovations and Inventions: 

Because of the nature of data analytics, data science and artificial intelligence in general, the world of technology is ever expanding, and the innovations are endless. We see it in the daily use of our products like the iPhone, in medical advancements, and even with electric-powered cars like Tesla.

Whether it is face recognition, self-driving cars, AI-powered smartphones and applications, companies are using big data analytics in their company models to bring up new innovations and uses.

5. Security and Real-World Applications: 

As mentioned above, big data analytics and data science are useful in many of the products that we use daily. But, it is also good to know that real-world applications are far superior to face recognition and AI applications. Governments and corporations across the world are making use of big data analytics to monitor and predict crime (even terrorism), real-time traffic, cybersecurity, and even automate both simple and large parts of our lives. AI and facial recognition is even used during major events, such as the FIFA World Cup 2018 in Russia, to detect aggression in large crowds, in order to protect the attendees in places where police couldn’t always be at once. Neural networks are also able to assist in solving complex real-world problems, even in astronomy and weather.

Big Data Analytics is more than a plain analysis and prediction technology. It requires careful analysis, algorithms, and processes, that when used right, can help any company begin to turn profits and improve their business strategies, and is helping to change the world today.