Successful Companies Are Using Big Data Analytics and You Should Too

Show:

August 17, 2022 Business

It is both normal and logical for small businesses to look to successful businesses to learn about the practices and methods that have helped to make them successful. Whether it’s very rudimentary or elaborate AI supported analytics, making notes and assessing patterns has gotten humans and their enterprises quite far in the grand scheme of things.One of the leading tools in creating a successful company has in fact been the use of data analytics. Humans have always collected data to better inform their decisions as well as their knowledge base. Here’s how some successful companies are leveraging data analytics in your business.

Citi

It’s helpful to find data warehouse solution provider in Australia when you’re trying to take your company to the next level. For instance, Citi, a billion dollar company operating in more than 160 countries around the world with more than 200 million customers, uses big data to retain and increase its customer base as well as implement services that would be valued and highly sought after. The year 2009 marked the beginning of Citi’s use of big data. The data that they collect from their customers has helped to keep them a leader in the financial industry. They also use the data that grows their business to detect fraud, prevent money laundering and monitor their customer’s credit viability.

Netflix

There’s a lot more behind the scenes of “Netflix and chill” than most people even realize. The world famous video on demand service that’s been in operation since 1997 uses their fair share of data analytics to keep their millions of subscribers engaged and continuing their subscriptions. By taking a closer look at their customers’ viewing habits, they have been able to implement an algorithm that creates more accurate viewing suggestions. This company has held competitions that incentivise the global talent pool of coders to create the next change in the algorithm that suggests personalised viewing options.

Ebay

This multi-billion dollar ecommerce company has used analytics to improve their users’ experience. For instance, in 2013, Ebay upgraded their basic search bar to a search engine named Cassini. This simple change earned the company increased sales on almost every purchase. And about a year later they implemented Kylin to analyze big data. In recent years, they acquired a company that offers AI and machine learning solutions, and another company that monitors customer buying preferences and customer behaviour.

It’s all about what you know these days. The more you know the better prepared you are and the more strategic decisions you can make that are in your best interests. It’s true, building relationships within your business is very important, but it is just as important to know and understand what exactly drives the market, your consumer base and your industry. Running a successful company takes a lot of moving parts, but preparation and information are key instruments in scaling your business and making it more successful and long lasting. Just look at how major businesses are using big data analytics to their advantage. Remember, you can too.