The volume of data in the world has been increasing, and analysing large data sets is becoming a key basis of competition, innovation, and productivity. The increasing technological ability to collect and analyse Big Data is leading to revolutionary changes in business. There are three main ways that Big Data Analytics has been impacting businesses in the USA.
Enhancing customer experience
In today’s constantly connected world, consumers expect more than ever before from businesses. With the emergence of Big Data, many US businesses have improved customer expectations thanks to big data analytics. A prime example of how Big Data analytics is allowing companies to innovate and provide meaningful customer experience has been demonstrated by U.S. telecom services provider T-Mobile. After embracing a pro-consumer attitude and implementing a data-driven marketing initiative, the company increased its prepaid offerings.
According to a survey by Accenture Interactive, 91% of high performers on customer experience attribute their success to data analytics. Through real-time store monitoring platforms, tracking customers as they browse within a store is possible. For example, RetailNext automatically collects and analyses shopper behaviour data, offering US businesses insights to enhance the customer experience in real time.
Transformation of traditional businesses
Big Data is making a great impact on businesses from customer relations to supply chain operations. Although you may not notice it, Big Data is making a significant impact on many US traditional businesses. A perfect example is Capital One. The company uses a statistical model based on Big Data analytics to offer customers “custom-tailored” services and products. Relying on data analytics, the company has been able to drive growth and compete against its rivals such as Bank of America.
Another example of a business that is using Big Data analytics is Walmart, an American multinational retailing corporation. Walmart collects about 2.5 petabytes of unstructured data from over 1 million customers every hour. By leveraging big data analytics, the company has improved its operational efficiency and increased sales turnover.
Creation of new businesses
In the past, Big Data was only used as an ancillary to main business and was collected for particular purposes. For instance, manufacturers kept data of raw material for quality management and retailers kept data of sales for accounting. Currently, new companies that exclusively collect and analyse Big Data are emerging in the USA.
Today, the USA boasts of thousands of Big Data companies. An example of Big Data start-up is ITA Software, a private company that collects flight price data from major carriers and sells that information to travel websites and agents. The company is changing the way the travel industry works by delivering improved flexibility and power to the travel industry and more efficiency for travel distributors, airlines, and passengers.