Big Data Services
Whether you have already started on your Big Data journey, or are still brainstorming about the possibilities, Belatrix´s Big Data services are here to help.
The McKinsey Global Institute reported that Big Data will drive the next frontier of innovation, competition, and productivity. Some companies already use Big Data in compelling case studies:
- In the retail sector Macy’s uses Big Data to adjust pricing in real-time for 73 million items based on demand and inventory. Macy´s uses this data to create highly personalized customer experiences.
- In financial services, American Express uses Big Data to enhance customer insights. Using these insights it is able for example to better predict the likelihood of a customer closing their account.
These examples demonstrate how ever increasing quantities of data bring new business opportunities. The potential is therefore far-reaching – from reducing operational costs, to greater business understanding about your customers, to developing new products based on data-driven insights. But how should go about making effective use of all that data that you are now collecting?
Ultimately the real value is when data is transformed into business insights which have a concrete impact on your business.
For product development this means understanding your customer better and more holistically. The insights from Big Data will drive significant enhancements to both new product development as well as product sustenance work, and will ensure that changes and updates are based on actual customer usage and data.