Benefits of Big Data Analytics are Risk Management, Product Development and Innovation, Quicker and Better Decision Making Within Organizations, Improve Customer Experience.
Risk Management
Use Case: Banco de Oro, a Phillippine banking company, uses Big Data analytics to identify fraudulent activities and discrepancies. The organization leverages it to narrow down a list of suspects or root causes of problems.
Product Development and Innovations
Use Case: Rolls-Royce, one of the largest manufacturers of jet engines for airlines and armed forces across the globe, uses Big Data analytics to analyze how efficient the engine designs are and if there is any need for improvements.
Quicker and Better Decision Making Within Organizations
Use Case: Starbucks uses Big Data analytics to make strategic decisions. For example, the company leverages it to decide if a particular location would be suitable for a new outlet or not. They will analyze several different factors, such as population, demographics, accessibility of the location, and more.
Improve Customer Experience
Use Case: Delta Air Lines uses Big Data analysis to improve customer experiences. They monitor tweets to find out their customers’ experience regarding their journeys, delays, and so on. The airline identifies negative tweets and does what’s necessary to remedy the situation. By publicly addressing these issues and offering solutions, it helps the airline build good customer relations.
