Companies around the world are leaning towards an increasingly data driven approach of conducting business. They want to reduce the uncertainty of the market. They want to find ways to get inside the head of a customer. Well, while future proofing businesses with the help of data driven insights is an achievable possibility, it is by no means easy. Businesses need to invest in technology as well as in human resources. They need to find the best tools to govern their data with as well as the best people to do the same. The aspirants need to invest in analytics courses and be ready to make the most of any opportunity that comes their way.
While one section of the market is still struggling to get hold of their data strategies another has propelled itself far ahead with the help of data analytics. We will take a look at some such stories that make us marvel at the power of analytics.
Amazon’s unparalleled fulfilment
Amazon has taken product delivery and fulfilment to the next level. We are getting used to super quick or same day deliveries thanks to Amazon. But how does this organization manage to pull this sort of efficiency day in day out? It is all the magic of data. They have a patent that allows them to ship a product to a fulfilment center even before an order is placed. They can do this because of the predictive analytics that are in place. They create rounded customer profiles by factoring in their wish list, purchase history, and identifying similar customers. Not only does Amazon cater to the needs of customers, it feeds and shapes that need with the help of analytics.
Facebook’s rise as a marketplace
Facebook is the largest repository of data where potential customers have willingly provided their personal information. Facebook makes good use of this data to pinpoint ad campaigns. Moreover, a user’s news feed is customized to keep them on the platform for elongated periods of time. This too is possible solely because of the power of big data exercised by Facebook.
Germany in 2014 FIFA World Cup
Not many know this but the German football team employed SAP to help them analyze video footage. They used data analytics to draw insights from video footages of previous games. This helped the authorities provide personalized and accurate feedback to the players. The strategic help allowed the German team to reduce average ball possession time by nearly 2 seconds. It made all the difference and they ended up winning the title.
Netflix’s recommendation algorithm
The market for streaming services has become extremely competitive. Netflix’s recommendation system has somehow kept it a notch ahead of the closest competitor, Amazon videos. Netflix analyses the viewership data of 58 million subscribers to put out personalized recommendations. The algorithm has not disappointed at all. In fact the shows they produce are selected with the help of machine learning algorithms.
The whole world is depending on data analytics for better ROI and increased efficiency. However, all these endeavours would have run aground without skilled analytics professionals.