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Big Data & Advanced Analytics: Success stories from the front lines
April 17 2024

Big data and advanced analytics can transform the business. Even though sometimes the company have not able to capture the true potential of analytics, some companies are already seeing significant values. These companies which incorporated data and analytics into their operation show productivity raised by 6% compared to the peers. Following are the three stories that show how companies have used advanced analytics to their advantage and had an impactful delivery. 

1. Asking the right questions 

  • Importance of Asking the Right Questions:

    • As a business accumulates more data, it becomes increasingly important to ask precise questions.
    • These questions are crucial at the outset of any analytical process to prevent getting lost in endless analysis loops.
  • Purpose of Good Questions:

    • Good questions aim to identify specific decisions that data and analytics can support to drive positive business impact.
    • They provide clarity and direction, guiding the analytical process towards actionable insights.
  • Example: Sales Growth Strategy for an Insurer:

    • Facing the challenge of boosting sales without expanding the marketing budget, an insurer posed two fundamental questions:
      • How much investment should be allocated to marketing?
      • To which channels, vehicles, and messages should this investment be directed?
    • These questions led to the development of a proprietary model that optimized marketing spending across various channels.
  • Triangulation of Data Sources:

    • The development of the proprietary model involved triangulating between three key sources of data.
    • This approach ensured that the company's decisions were grounded in comprehensive insights derived from multiple data streams.

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2. Be creative 

  • Importance of Data:

    • More data enhances models of consumer behavior, providing accurate insights into opportunities and risks.
  • Example: Telecom Company's Innovation:

    • A telecom company recognized the potential of data to address a long-standing issue faced by financial service firms.
    • The challenge was meeting the revolving credit needs of millions of low-income individuals, akin to credit cards but without traditional credit risk models.
  • Innovative Solution:

    • Telecom executives realized that payment histories from their mobile networks could offer a solution to this problem.
    • The company developed an innovative risk model leveraging this data to assess potential customers' repayment capabilities.
  • Impact and Future:

    • This approach has opened up new avenues in emerging market consumer finance.
    • Companies are now exploring innovative financial products and services, with data analytics serving as a core asset in assessing creditworthiness and mitigating risks.

 3. Optimizing spend and impact across channel 

  • Trade-offs in Business:
    • Business decisions often involve trade-offs between price and volume, as well as between inventory costs and the risk of stockouts.
    • In the past, these trade-offs relied heavily on gut instinct rather than data-driven insights.
  • Impact of Big Data and Advanced Analytics:
    • In the era of cookies and click-through data, optimizing spending allocations has become more complex.
    • Big data and advanced analytics play a crucial role in reducing guesswork and informing strategic decisions.
  • Example: Transnational Communications Company Case Study:
    • The company had previously invested heavily in traditional media to enhance brand recognition and social media presence.
    • Traditional marketing efforts did not accurately measure the sales impact generated by social media engagement.
    • By integrating data from traditional media, sales data, and customer interactions on social media platforms, the company developed a model.
    • This model revealed that social media had a more significant impact than initially assumed, with customer interaction at call centers being a primary driver of social media sentiment.
    • Reallocation of media spending to improve call center satisfaction resulted in significant customer base growth and several million dollars in additional revenues.
Anisha Mukhija

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