Trendsetting Industries in Harnessing the Power of Data
Big data has been a buzz phrase over the last two decades. Today, many industries have gone beyond speaking about big data and are now harnessing its power to boost their ROI. Both structured and unstructured data today inundated businesses across industries. Data is the greatest asset in the possession of your company.
To appreciate the impact of big data, consider that internet users generate 2.5 quintillion bytes of data daily. With the digitization of most business processes, businesses have created more contact points with their customers. Data now comes from more sources than ever before, and this influx creates an invaluable asset. Is your industry tapping into data for growth?
It’s important to learn from businesses already making the best of data in their possession. This post explores a few of the industries harnessing the power of data.
The hotel industry is a volatile one, and business owners have to adapt fast to survive. This is one reason big data analytics has become so crucial in this industry. Hotels now use data to understand their guests and improve different metrics of customer satisfaction.
Hotels and other establishments collect data from multiple contact points to deliver better experiences. They also use data from other important data sources such as weather and local events to improve their guest’s stay.
The financial industry deals in numbers and it was among the first to discover the incredible power of data. From stock trading, cryptocurrency marketing, banking to mortgage lending, and insurance, all players in the finance industry now leverage data.
Businesses can now predict outcomes, understand their customers better, analyze consumer trends, prepare new products and mitigate risk all based on data. Big data is an integral component of the financial industry. Businesses work with data scientists companies such as InData Labs and analytics experts to make the best of all data they generate.
Media and Entertainment
The media and entertainment industry is a multi-billion dollar industry. In 2021, revenue projections stand at $2.2 trillion. This industry now leverages big data generated from a diverse range of points.
Companies in this industry from Google, Hulu, and Disney to CNN can now predict user tendencies, trends in consumption, preferred content, and much more. This helps other smaller companies create user-centered content and deliver it in the form of great online entertainment, with one such example being Mega Moolah at Leovegas.
Like the hospitality industry, the retail sector is also prone to market fluctuations. There’s a lot of uncertainty in the industry but the use of data brings some stability.
Retailers can anticipate their customers’’ needs, target their customers more effectively, develop new customer segments and provide personalized shopping experiences. With so much data in their possession, retailers have become trendsetters in the use of big data for boosting ROI.
Whatever your industry, it’s advisable to stay on the lookout for the impact of big data. Most likely, you already have multiple contact points in your business and you can use these to generate valuable data via latest technology. With such data, you can then develop better marketing strategies to guarantee higher ROI, business growth, and other positive outcomes.