Everyday, tons of data is collected by companies from their daily operations and they can take the help of data analyst to get multiple benefits from it.
What can data analysis do for the company?
- Improve processes
- Identify opportunities and trends
- Launch new products
- Serve customers
- Make thoughtful decisions
Some examples of how data has been used by companies:
In 2004 when Hurricane Sandy hit US, Walmart used historical data to stock emergency supplies at its locations and forecast demand for flash lights and pop tarts which sold very well from its stores that were coming in the path of hurricane. They used the data again in 2012 during hurricane Frances.
Netflix, with over 100 million subscribers, uses data analytics for targeted advertising. Customers who watch a movie are offered a suggestion on other movies they should watch based on past search and watch data.
Amazon leverages data analytics to understand how customer buys groceries and uses that data to deal with suppliers proactively. The data is also used to create effective logistical system that enables them to send products to customers within 24 hours.
PepsiCo uses data analytics to replenish retailer shelves with appropriate volume and types of products.
Every airlines are using data analytics to decide price of tickets sold online. When customers search for some destinations again and again, it may mean that they prefer it over other destinations and accordingly price is increased or decreased for it. In a day, these prices change hundreds of time based on search data and competitive offering from other airlines.
Marriott Hotels use data analytics to offer effective pricing through booking portal and also capture customer needs and accordingly arrange for their comfortable stay.
Ubereats uses data analytics to gather average time needed to prepare a meal, average time needed to reach destinations during different times of the day and weather, to arrive at a delivery time for customers.
McDonalds move from mass marketing to mass customization using data analytics. Using data of historical sales, purchase of certain food items at certain time of the day and weather, their drive through digital menu keep changing and offer alternatives to customers who are more likely to order certain items together at a certain time and weather.
Starbucks uses data analytics to identify their loyal customers who are then, provided with reward program so they continue to shop at Starbucks.
As you can see, this is a never ending list of applications of data analytics by so many companies. Using these examples, gradually, more and more new companies have started taking interest in to the data readily available for them and use it to benefit their brand.
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