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How big data is being used across industry verticals
 

How big data is being used across industry verticals

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We try to dig into Big Data usage across different industry verticals. PromptCloud offers Big Data crawl & extraction services that are free of any vertical bias and can be customized to suit any ...

We try to dig into Big Data usage across different industry verticals. PromptCloud offers Big Data crawl & extraction services that are free of any vertical bias and can be customized to suit any requirements. Do get in touch with us at info@promptcloud.com for any queries.

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  • Basically, Big Data refers to our ability to collect and make sense out of huge amounts of data that is ever-expanding and decoding it into meaningful information, and more importantly, actionable strategies.Today in almost every industry, data-driven strategies are being used to compete, innovate, optimize costs or enhance the customer experience. For instance, some manufacturers are using sensors embedded in their products to be proactive in maintenance and avoid breakdown. Recruiters are moving towards services such as the Linkedin recruiters suite to tap into the vast pool of candidates who might not even be looking for a job change. In fact, the recruiters suite is what contributes 57% to Linkedin’s revenuesand this represents a jump of 80% over the previous year.Here's how enterprises are using data across industries:Big Data in ProcessesUnited Parcel Service (UPS) stores 16 petabytes of data, most of which has been collected through GPS data and fuel-efficiency sensors installed in their trucks that help them keep a track of their speed, brakingpatterns, direction etc. This initiative has enabled UPS in determining the optimum routes and has led to avoiding 85 million miles which translates into fuel savings of 8.4 million gallons.People AnalyticsPeople analytics is the science of finding out what makes people more productive, happy, responsive, distracted etc. using data. With technology, all human actions have become track-able as usage data viasources such as web browsing behavior, cell phones, email and instant messaging records, RFID badges and other such systems. Though these may pose a privacy concern for the consumer, if these issues are taken care of, it may revolutionize the way companies adapt and adjust their processes in real time using data.Big Data in FashionCompanies can gauge reactions to fashion designs by using customer reviews from e-commerce sites, blogs and other social media. Retailers and designers are also using data to determine the actual demand across various sizes which are helping them to optimize their quantities and minimize leftovers.Though Big Data has emerged in a big way, a lot of gray areas currently exist in terms of intellectual property, privacy, security and legislation. For big data to become mainstream, theseissues will need to be resolved first.
  • Big Data in FashionCompanies can gauge reactions to fashion designs by using customer reviews from e-commerce sites, blogs and other social media. Retailers and designers are also using data to determine the actual demand across various sizes which are helping them to optimize their quantities and minimize leftovers.
  • Companies collect various kinds of data through transaction records or information provided by the customer. Some of that data is useful in the present day, while some of it is not. Even if the data is not as useful today, it doesn't mean that a usage can't be derived in the future - as any data can lead to unexpected uses. One such example is Kaggle. According to its website, "It is the world's largest community of data scientists competing with each other to solve complex data science problems."Gradually, they started collecting information on the professionals who participated in their contests and built up a database having records of close to 100,000 analytics professionals across the world. Using information regarding what kind of contests that these participants contributed to, Kaggle could also know their strengths and interest areas. They realized that with so much of data on analytics professionals, they could indeed match the talent with companies having a need of analytic professionals and provide recruitment assistance to them. Though the data was collected without this specific objective, it proved to be a valuable resource for addressing an unforeseen need.Here are three examples of Big Data being applied in retail, recruitment and banks.RetailUK-based retail giant Tesco has been know to be using Big Data when it didn't even exist. In 1995, it launched 'Clubcard' - a customer relationship tool that helped them know who their customers were and how they behaved - so that they could target them in a more personalized way. Today, Tesco uses data not only to understand its customers better and providing relevant benefit to induce their loyalty, but also to optimize their supply chain and costs.For instance, they use data to predict the effect of weather on sales (and managing the supply thereof), optimizing store operations and even to cut cooling costs.RecruitmentOpen web talent search is an upcoming trend in Human Resources. Companies are using publicly available information about professionals to approach them for open positions, even if they are not looking for a change. For example, a software engineer who's documenting his projects, interests and other skills for others while not looking for a job can be a great prospect for companies looking to hire someone having those skills. Companies such asTalentBinare having such a setup at the base of their business strategy. They are positioning themselves as "The talent search engine for the entire web"BanksFinancial institutions have data embedded in their very DNA and consequently, data management becomes a significant concern for their top managements. A lot of large US banks are using Big Data to understand how customers use their various channels, such as online, mobile, physical banking, ATMs, call centers etc. The Banks who were earlier usually doing it the traditional way - using a sample, are now appreciating the benefits that comprehensive data accrues. Bank of America is using propensity models and transaction data to predict which customers are most likely to refinance their loans or credit cards from its competitors, and then makes them an offer when the customer contact the bank, before they defect.Have some interesting Big Data uses to share? Do let us know in the comments below.This is the second post in a multi-article series covering how Big Data is being used in today's world. Check out the first installment here.http://www.promptcloud.com

How big data is being used across industry verticals How big data is being used across industry verticals Presentation Transcript

  • How Big Data is being used across industry verticals PromptCloud.com © PromptCloud 2013, All rights reserved.
  • Big Data refers to our ability to collect and make sense out of huge amounts of data that is ever-expanding and decoding it into meaningful information, and more importantly, actionable strategies. Today companies are using Big Data technologies which are helping them to compete, innovate, optimize costs and enhance consumer experience. Let’s have a look at how companies belonging to diverse industries are tapping into this emerging technology. © PromptCloud 2013, All rights reserved.
  • Big Data in Processes United Parcel Service (UPS) stores 16 petabytes of data, most of which has been collected through GPS data and fuel-efficiency sensors installed in their trucks that help them keep a track of their speed, braking patterns, direction etc. This initiative has enabled UPS in determining the optimum routes and has led to avoiding 85 million miles which translates into fuel savings of 8.4 million gallons. © PromptCloud 2013, All rights reserved.
  • Big Data in People Analytics People analytics is the science of using data to find out what makes people more productive, happy, responsive, distracted etc. With technology, all human actions have become track-able as usage data via sources such as web browsing behavior, cell phones, email and instant messaging records, RFID badges and other such systems. © PromptCloud 2013, All rights reserved.
  • Big Data in Fashion Companies can gauge reactions to fashion designs by using customer reviews from e- commerce sites, blogs and other social media. Retailers and designers are also using data to determine the actual demand across various sizes which are helping them to optimize their quantities and minimize leftovers. © PromptCloud 2013, All rights reserved.
  • Big Data in Retail In 1995 UK-based retail giant Tesco launched 'Clubcard' - a customer relationship tool that helped them know who their customers were and how they behaved - so that they could target them in a more personalized way. Today, Tesco uses data not only to understand its customers better and providing relevant benefit to induce their loyalty, but also to optimize their supply chain and costs. © PromptCloud 2013, All rights reserved.
  • Big Data in Recruitments Open web talent search is an upcoming trend in Human Resources. Companies are using publicly available information about professionals to approach them for open positions, even if they are not looking for a change. Companies such as TalentBin are having such a setup at the base of their business strategy. © PromptCloud 2013, All rights reserved.
  • Big Data in Banks A lot of large US banks are using Big Data to understand how customers use their various channels, such as online, mobile, physical banking, ATMs, call centers etc. For instance, Bank of America is using propensity models and transaction data to predict which customers are most likely to refinance their loans or credit cards from its competitors. © PromptCloud 2013, All rights reserved.
  • Thank You. You can view the full blog posts here and here. Follow us on Twitter and Facebook. © PromptCloud 2013, All rights reserved.