Big data is one of the tools with more potential for the future and with a more varied presence and high growth in today’s companies. Consumers are complex beings, and companies are determined to unravel their mysteries. They use everything they already know about them to establish what they are and what they want. Let’s discover How companies use big data. Here we include 5 top companies case study.
Data is an element of increasing value, and its presence is increasingly higher. To be determined, they determine until what is the color of the year. If this year’s entry is the Marsala, it will be because the study of the information has indicated it.
How companies use big data?
For many, big data is still a concept that is associated with new technology companies. As if to succeed in its use it had to be a techie and as if its applications could not leave that market. Nothing is further from reality: some of the big cases of success in the application of big data come from companies that have nothing to do with the market of new technologies.
WalMart: A supercentre
One of the recurring examples is the case of WalMart, the supermarket chain. It became a pioneer in the use of big data and analytical tools and was more prepared for the hurricane. Katrina than the authorities of New Orleans or those of the United States. While they did not know very well what to do, the supermarket chain had the consumers’ shopping list for similar situations clear and ready to be attended.
We must forget that big data is a question that will only work for a specific profile of companies. In reality, many can take advantage of it to refine their product strategy. Designing what will be offered to the consumer, anticipate their requests or convince them to buy more are some of the applications that large companies are already giving these tools.
Nike: something more than a sports firm
Nike is one of the most popular companies in sports equipment manufacturing. It is becoming more than that. At the moment it is already a firm of high technology and software, in a somewhat conjunctural way it is. The company is one of the pioneers in the field of wearables. The devices that allow adding a layer of intelligence to elements that were not previously, such as watches or heartbeats.
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The firm has entered into this emerging terrain and has started to manufacture these terminals. I am becoming one of the most popular firms in this market area. And as consumers use their smart sports devices, so does the volume of data and information that Nike has about them and their sports patterns. How is the firm using that information? As the article points out, this data is turning it into one of the owners of information. How consumers are and could be used in the future to open new niche markets? Such as the health field. Do not forget that wearables are one of the great sources of data yet to be explored.
Amazon: what you should read
Amazon is one of the best-known cases of how to use data to convince consumers to buy more products. And if books are usually bought on your site, you may have already realized the power that the firm has in the data analysis. Amazon knows not only what the reader says he likes to read but also what he reads. That is, he knows all the guilty literary pleasures of the readers and those things they seek in reading, even those that are not literarily confessed. That’s what the Kindle is for: and if an intellectual reader has developed an instant passion for the crime novel, Amazon will know what he’s reading.
The firm uses all consumer data to offer highly effective recommendations. Hey, he says to the consumer, would not you like to read this? And the reader is surprised because that is exactly the book he was looking for. Also, the company does not only use the data about the user. It is also able to establish trends and relationships based on the extensive catalogs of data it has.
One of the key elements for making consumers keep buying books is the always effective recommendations. It appears after each of the titles. All are based on the behavior patterns of other buyers and readers that are similar to the consumer. Cross-referencing your consumer habits makes it easy for the system to offer specific recommendations on what should be read if you feel interested in that particular book.
This is only a part of what Amazon does with the data since the company is one of the great examples of how to efficiently use big data. And one that has been used for years to win over its consumers.
Zara: everything is not just fast-fashion
Zara or Inditex is known around the world for having created or propped up the concept of fast-fashion. For the fashion at the low price of rapid consumption and in which the collections rotate so fast. It is inevitable to create a desire in consumers. Or you take it now, they seem to tell you the shelves, or you may never find it again. The firm is also a good use of new technologies and information.
As a profile elaborated a couple of years ago by The New York Times made clear. It is a part of Zara’s secret is well known How the market works They establish. Thanks to the data obtained by their observers and their sales requests.
But not only does it work at an informal level but also at a more formal one. Zara has collaborated with UCLA or MIT (highly technological knowledge centers) to find smart solutions to their business problems. Thus, the brand uses predictive technology to establish the prices of its products during sales periods or uses data analysis to manage inventory and to know which stores will need more stock of a product.
L’Oreal: beauty also hides data
Big data can be applied, therefore, to many markets, even those that are based on intangibles such as beauty (a concept that has changed a lot over time). L’Oreal, for example, is one of the firms in the sector that is implementing a data strategy. It allows them to use them in planning matters and to make predictions for the future. The company also wants to respond quickly to changes and eliminate the problems of managing a very large inventory.
How do you want to use the data? Improving the production chain is one of the answers to this question. It is also one of the usual ones that large firms make in terms of data use: according to an Accenture study, 65% of companies use big data to optimize all your logistics issues. Otherside, only 29% bet on it in the field of predictions, but also seek to know much better consumers and know what they want and what they expect.