Big Data: 6 Real-Life Business Cases - InformationWeek

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5/27/2015
04:06 PM
Lisa Morgan
Lisa Morgan
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Big Data: 6 Real-Life Business Cases

Better data analysis enables companies to optimize everything in the value chain -- from sales to order delivery, to optimal store hours. Here are six examples of how major enterprises are using data to improve their business models.
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Leverage Customer Lifetime Value 
Today's empowered customers are more demanding and fickle than ever. Maintaining or increasing marketshare requires businesses to understand as much as possible about their customers, continually improve their products and services, and be willing to adapt their business models to reflect the actual needs of their customers.
Avis Budget has committed to doing all of this. It implemented an integrated strategy to increase marketshare, which has yielded hundreds of millions of dollars in additional revenue. The initiative involved determining the value of customers, segmenting them, and offering tiered incentives to improve customer loyalty. To do this, its IT partner CSC applied a model that predicts lifetime value to Avis Budget's customer database, and then validated it using a multichannel marketing campaign and accompanying analytics. 
The customer valuation data is now combined with other data, including rental history, service issues, demographics, corporate affiliation, and customer feedback. Avis Budget is also collecting and analyzing social media data. It has a team of social media specialists who respond to brand mentions. The company recently updated its website to further improve customer experiences, and it is using big data to forecast regional demand for fleet placements and pricing.
(Image: PublicDomainPictures via Pixabay)

Leverage Customer Lifetime Value

Today's empowered customers are more demanding and fickle than ever. Maintaining or increasing marketshare requires businesses to understand as much as possible about their customers, continually improve their products and services, and be willing to adapt their business models to reflect the actual needs of their customers.

Avis Budget has committed to doing all of this. It implemented an integrated strategy to increase marketshare, which has yielded hundreds of millions of dollars in additional revenue. The initiative involved determining the value of customers, segmenting them, and offering tiered incentives to improve customer loyalty. To do this, its IT partner CSC applied a model that predicts lifetime value to Avis Budget's customer database, and then validated it using a multichannel marketing campaign and accompanying analytics.

The customer valuation data is now combined with other data, including rental history, service issues, demographics, corporate affiliation, and customer feedback. Avis Budget is also collecting and analyzing social media data. It has a team of social media specialists who respond to brand mentions. The company recently updated its website to further improve customer experiences, and it is using big data to forecast regional demand for fleet placements and pricing.

(Image: PublicDomainPictures via Pixabay)

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shakeeb
50%
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shakeeb,
User Rank: Ninja
5/31/2015 | 9:36:09 PM
Re: Optimize the Workforce
In my opinion, irrespective of the organization type many of them are now in to data analysis to improve their business performance.
shakeeb
50%
50%
shakeeb,
User Rank: Ninja
5/31/2015 | 9:32:16 PM
Process improvements
This is an important aspect in many organizations. Some organizations consist with a separate department who deals with process improvement for the whole organization.
shamika
50%
50%
shamika,
User Rank: Ninja
5/30/2015 | 1:41:22 AM
Optimize the Workforce
I agree with this.  This is important when it comes to retaining employees. This will obviously help in understanding their issues and needs.
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