Take A Look At How These World-Beating Companies Are Using Data

May 16, 2019 4:46 am

With all the talk of big data, databases, and analytics, it’s sometimes easy to lose track of the real-world application of these technologies. Yes, they appear to be game-changing from a theoretical standpoint, but what real-world difference are they making to company profits.

It turns out that a lot of the most successful companies in the world make use of the data available to them. Take a look at the following examples of companies using databases to drive their growth and improve customer experience.

Coca-Cola Uses Data To Retain Customers

Geograph Ireland

Customer retention is a big deal. Most companies get more revenue by retaining a customer than they do from attracting a new one, thanks mainly to the fact that they don’t have to spend any additional marketing dollars. Coca-Cola knows that if it wants to continue to be a success, it needs to ensure that its existing customers stick with its brand and don’t jump over to another product.

Coca-Cola collects as much feedback from its customers as possible and then uses what it leans to adjust its approach. Data helps Coca-Cola develop new content for relevant audiences, allowing it to target particular customer segments without alienating others. A combination of smart marketing and targeted advertising gives Coca-Cola the edge that it believes it needs to compete in the modern economy.

Netflix Uses Data To Make Recommendations

Pixabay

One of the problems with vast libraries of media is the fact that users often have too much choice. Unassisted, it’s hard to find something to watch or read, and it can lead people to feel overwhelmed or stick with what they know without branching out.

Netflix uses data to get around this particular problem. Rather than just presenting users with all of the programs that it offers, the company makes suggestions based on what they might like and what other people with similar interests like to watch. The company is understandably secretive about its recommendations software, but it has proven to be highly effective in gaining the company new business. It’s only possible because Netflix collects a vast amount of data and uses bespoke development services.

UOB Uses Data To Manage Risk

Wikimedia Commons

UOB is a bank based in Singapore that offers loans and sells insurance products. The company is exposed to a high degree of financial risk, so it’s continually looking for ways to reduce that risk and ensure a better return.

One of the main problems for financial institutions is that they often find it hard to price the risk of their customers. A customer might appear to have a good rating using traditional metrics, but a bank might charge too low of an interest rate if it doesn’t have full information about that person. A borrower could be a lot riskier than their credit score implies.

UOB is using data and feeding it into a machine learning program which gives the company a more accurate risk profile. UOB can then use this risk profile to adjust the interest rate that it offers customers. This benefits risky and low-risk clients alike.

%d bloggers like this: