Business Analytics has the ability to enable business owners, strategic marketers, and even business managers to easily analyze and understand business opportunities. Another thing, the analysis is also used for the positioning of products in the market. In fact, the importance of data analysis cannot be compared to some commercial tools out there. Data analytics belongs to the business intelligence family and is the only one that helps a business turn reams of collected raw data into useful business insights that can drive business decisions. It is frequently observed that organizations dealing with data analytics outperform their counterparts. Without a doubt, data has become a vital resource for senior management.
Over that time, the focus has shifted to predictive analytics, in-memory analytics, big data analytics, streaming analytics, and more recently data science, but all of these flavors are effectively designed to solve similar challenges. Here are two examples of the use of data analytics by large corporations.
westpac banking corporation
Westpac Banking Corporation is an Australian bank and financial services provider headquartered in Westpac Place, Sydney. It is one of the “big four” banks in Australia. Westpac banking corporation used the data analysis tool known as “KnowMe”. The analytical tool used by the Bank helped to obtain a 360-degree view of the client. The tool further helped the Bank capture customer activity information such as ATM usage and call center interaction from its 12 million customers. Based on behavioral analysis, Westpac targeted customers with new programs or offers. In nine months, the program enabled Westpac to increase its customer engagement from 1% to 25%.
No other platform has as much personal data at their disposal as Facebook, and to be fair to them, they use it to the fullest. By targeting highly targeted ads to the millions of people who use the social network every day, it seems that Facebook knows more about you than your friends and family, and more worryingly, the truth is that it probably does.
Facebook’s relentless use of analytics has been one of the most high-profile examples of big data’s potential to be too intrusive. Their business model is entirely based on mining our data. However, we are still more than happy to offer it, perhaps we have invested too much time to give it up now? In any case, analytics has been the cornerstone of Facebook’s success as one of the largest companies in the world.
It is clear from the cases above that data analytics is a game changer for many companies. He helped Jeff Bezos build a US$300 billion company and Mark Zuckerberg build 2 billion client websites.