The other day I was shopping at Macy’s and I tweeted about a fancy coat that I saw in there. I immediately got a response from Macy’s saying “Glad to know”. All businesses that are putting big data to their business use are already taking advantage of customer comments such as above to understand how customers feel about their products.
Data is everywhere – on Twitter, Facebook, Blogs, Forums, in customer emails to the company, or when customers call company’s call-center.
Imagine Macys combining tweets like the one above and data from all other sources of big data and then inferring customer interests which they can put to use in their marketing and customer service activities.
Most of the data available out there is unstructured. Data that is sitting in tweets, in images/video, in SMS, emails, forums, blogs, reddit, and so on.
It is fascinating to apply these techniques, for example, to understand some important trends. By scanning company 10-Ks, or pulling data from management interviews, one can understand where a company is headed.
On the finance side, one can move away from a reporting-centric view to an analytic-centric view of underlying factors.
Below are some use cases where we can help a firm take advantage of data analytics:
- Yelp + Tripadvisor data analysis = Understand customer sentiments on your business and take corrective measures
- Sensor data + IoT + Historical records = Predict when a machine that you use could go down
- Customer shopping cart analysis + Website clickstream analysis + Beacons = Finer understanding of your customer behavior and interests
- Weather + Historical sales data = Helps hotels and restaurants to plan your staffing needs a lot better
- Transaction analysis + Link analysis + Custom anomaly detection = Fraud detection if that is a problem for you
- Social sentiments + Customer interaction data with your company = Better prediction of sales for a certain goods that you sell
- Employee performance data + KPI data + Project hours charged = Figure which employees are big contributors in your company
Drop a note to hello-at-srpsystems.com if you need help in Big Data or you want to know more on any use cases listed above.