Big Data Shows Its Return on Investment
January 13, 2016
Big data was the word that buzzed through the IT community and made companies revaluate their data analytics and consider new ways to use structured and unstructured information to their benefit. Business2Community shares how big data has affected companies in sixteen case studies: “16 Case Studies Of Companies Proving ROI Of Big Data.” One of the problems companies faced when implementing a big data plan was whether or not they would see a return on their investment. Some companies saw an immediate return, but others are still scratching their heads. Enough time has passed to see how various corporations in different industries have leaned.
Companies remain committed to implementing big data plans into their frameworks, most of what they want to derive from big data is how to use it effectively:
- “91% of marketing leaders believe successful brands use customer data to drive business decisions (source: BRITE/NYAMA)
- 87% agree capturing and sharing the right data is important to effectively measuring ROI in their own company (BRITE/NYAMA)
- 86% of people are willing to pay more for a great customer experience with a brand (souce: Lunch Pail)”
General Electric uses big data to test their products’ efficiently and the crunch the analytics to increase productivity. The Weather Channel analyzes its users behavior patterns along with climate data in individual areas to become an advertising warehouse. The big retailer Wal-Mart had added machine learning, synonym mining, and text analysis to increase search result relevancy. Semantic search has also increased online shopping by ten percent.
The article highlights many other big brand companies and how big data has become a boon for businesses looking to increase their customer relations, increase sales, and improve their services.