Changing the Game ... with Big Data Analytics
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Changing the Game ... with Big Data Analytics

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More at www.Gamechangers.pro

More at www.Gamechangers.pro

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Changing the Game ... with Big Data Analytics Changing the Game ... with Big Data Analytics Document Transcript

  • +genius 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 advantage.
  • +genius The most significant benefits will come through smart application of big data analytics to drive business innovation – new companies, better solutions, faster decisions, richer experiences. Take 23andMe, for example. Anne Wojcicki’s DNA profiling business launched this year with $99 spit test through which they can profile your future health, and genetic ancestory. It is transforming attitudes to life for individuals who have used it, whilst the aggregated data is gold dust to pharmaceutical researchers and insurance companies in a secondary business model. Mark Parker, CEO of Nike, sees big data analytics as core to his brand’s ability to do more for customers. Nike is about much more than shoes and clothing. Nike+ is about using data and technology to make life better, from the Fuelband that measures your daily fitness, to the GPS watches that upload routes to share as running maps with others around the world. Meanwhile Moven, the new mobile phonebased banking service from Brett King, is all about using financial data in smarter ways. Money Pulse is just one of a range of graphical tools that turn complex information into simplicity. In fact Moven is not a bank, more an added-value intermediary that makes sense of how customers are spending and saving your money, to make their own smarter choices. A recent McKinsey report suggested that effective adoption of big data analytics could add $325bn to the retail sector alone, and almost as much to sectors as diverse as healthcare and government by 2020 © Peter Fisk 2013 23andMe, Nike+ and Moven are just some of the examples in Peter Fisk’s forthcoming book “Gamechangers: Are you ready to change the world?” For more examples of companies using big data analytics to transform markets and innovate their businesses, see www.Gamechangers.pro