Those familiar with big data know that it can help web based businesses such as Amazon and Netflix track buyer activity, identify patterns, and then more effectively market to specific segments, but what are the benefits of big data companies that are not web based?
We found some great case studies of businesses from banks to pizza parlors that have seen huge results from their uses of big data.
1. Chase Bank – According to an article from American Banker, Chase used speech analytics to identify ways to increase call resolution rate by 3% and improve customer satisfaction.
2. Foxwoods Resort and Casino – According to an IBM Case Study, Foxwoods used loyalty cards to track the buying habits of their patrons outside the gaming realm, and across all entertainment channels such as shops, bars and restaurants to see what their loyal patrons valued. This information resulted in more targeted and effective marketing campaigns for the casino.
3. Papa Gino’s Pizzeria – In another IBM Case Study, we saw that Papa Gino’s improved operations in many ways. For example, management was able to better assess how much staffing they would need during seasonal times by analyzing previous years’ sales data, thus optimizing costs.
4. T-Mobile – According to a report from MWD Advisors, T-Mobile used big data analytics and realized that it was more expensive for them to gain a new customer than to keep an existing one. They then kept close records allowing them to identify how certain customers would feel about different initiatives, and in turn were able to increase customer retention by 2.4%.
With the help of big data analytics, many businesses can find ways to significantly improve their operations, customer relations, and more.