Changing the game … with big data analytics
Peter Fisk, in an extract from his new book “Gamechangers: Are you ready to change the
world?” explores how new analytical capabilities are helping companies to work and
compete smarter, and also giving rise to radical innovation from banking to healthcare.
“Big data” has become fundamental to customer engagement, competitiveness and
business effectiveness, over the last few years.
Data has never been so ubiquitous. Intel estimates that in just 60 seconds there are 3.5
million Google searches, 100 hours of video unloaded to YouTube, 350,000 messages
sent on Twitter, 280,000 photos uploaded to Facebook, and $118,000 spent on Amazon.
In fact there is nothing new about big data in itself – companies have been hoarding it for
years. What is new is the ability to analyse huge amounts of it, in ways that help you to
personalise your communication, reduce costs, improve retention and drive innovation.
The effective use of loyalty and payment card data by retailers, for example, transforms
the dynamics of supply chains and the ability to focus incentives and services on the right
customers at the right moment. The rise of mobile technologies, to engage with
individual shoppers at the right time and place, has accelerated this even faster.
Amazon.com, for example, is well known for its personal recommendations, accounting
for 35% of sales according to Jeff Bezos.
Advantage is not about capturing the data, but in its effective application. Being able to
make sense of huge amounts of data, fast and efficiently, and thereby make decisions,
and engage customers in “real-time” has become an important source of competitive