New Insights Transforming Industries
Leading organizations in financial services, telecommunications, retail, healthcare, digital media, insurance and other industries are outperforming their competition by generating new, actionable insights from big data. There are three dimensions in their performance that indicate a correlation between success and the ability to derive value from data:
- access to data
- insights drawn from data, and
- action based on insights (see Figure 1).
These firms are able to reduce financial risk, increase operational efficiency, enhance customer loyalty and improve healthcare outcomes by tapping into big data to transform not only their businesses but also their industries. How do they do it?
In the past, organizations used technology solutions to analyze historical data and identify broad trends based on a limited collection of information housed in structured databases. Cutting-edge technologies enable today’s organizations to analyze more data from a wider array of sources faster than ever before. Now, leading organizations can:
- Conduct real-time analysis of customer behaviors to produce tailored experiences and targeted promotions.
- Measure the effectiveness of online advertising to fine-tune campaigns while they are in progress.
- Adopt advanced content analytics solutions to mine social media posts and call-center logs in order to assess customer sentiment and avoid churn.
- Analyze data continuously streaming in from operational sensors to increase service uptime, facilitate better planning and anticipate risks.
- Implement predictive analytics solutions to anticipate future customer behaviors, avoid risks and identify potential outcomes.
With the right tools, organizations are capitalizing on the wealth of opportunities that big data presents.
For most firms, there is no shortage of customer data available. Banking customers provide financial information on credit applications and discuss banking problems during customer service calls; telecommunications subscribers continuously generate smart phone usage data; and retail customers enter information for online transactions and register their “likes” on social media networks. The challenge lies in generating timely insights that can help business enhance the customer experience.
Many organizations already use data management solutions to integrate customer information from multiple sources to create a single, holistic view of each customer. New solutions designed for understanding big data can now analyze the increasing volume and variety of customer data available, including data generated through social media.
Solutions for advanced analytics provide near-real-time trend analysis and anticipate future outcomes. These solutions can produce insights that help organizations connect pieces of data into more complete profiles; empower staff with predictive analytics to better understand individual customer’s needs; respond to demands with focus, precision, relevance and speed; and blend the physical and digital worlds to offer value independent of the customer’s location.
With the right solutions for analytics, leading firms will improve business outcomes by reducing financial risk, increasing operational efficiency, and enhancing customer loyalty.
Read the white paper Big data: New insights transform industries to learn how IBM is helping companies harness big data to achieve their desired business outcomes.
Contributing to this post: Bob Palmer, worldwide industry marketing manager; Gaurav Deshpande, industry marketing manager, communications sector; and Graeme Noseworthy, worldwide marketing director of digital media, IBM Netezza and big data solutions