Over the last decade, big data has transformed. While it used to pose a problem to researchers, the advent of artificial intelligence and neural networks has radically transformed the way big data is used and viewed. Now, instead of a problem, big data has become one of the most useful tools of the modern era when put to use.
According to IBM, humans create 2.5 quintillion bytes of data every day, with 90 percent of all the world’s data generated in the last two years. As previously predicted by insideBIGDATA, the incredible speed at which AI and deep learning has progressed has finally made massive data lakes useful for large corporations looking to gain insight into their customer base. Because of this, it is no surprise that big data has quickly become a big business.
Streaming services like Netflix, Hulu, and Amazon are some of the biggest implementers of big data analytics today. By recording consumer behavioral data like searches, ratings, the date and time a program was watched, what device the program was watched on, etc., these companies are able to obtain massive collections of data that are directly useful to them.
With this data, these companies are able to offer suggestions to their consumers that can help with customer retention. These same algorithms are not only able to look at the data collected from across the service, but also come down to the micro-level to help curate personalized recommendations for individual customers. Big data also helps to expose consumers to new programs based on similarities among user watch histories.
Big data is also used to predict the ever-changing entertainment landscape. By looking at all user data as a whole, companies like Netflix are able to suss out trends among their users and offer up content that is directly targeting them. This process is like the Nielsen rating system on steroids, as it is able to accurately collect data in a timely fashion without the possibility of bias from their user base. Instead of asking people what they want, these companies are now able to tailor their content to trends through the power of analytics.
Under the Affordable Care Act, Medicare reimbursements are directly linked to patient satisfaction scores. Because of this, businesses in the healthcare field are looking to big data in order to figure out how to make the necessary improvements to be more successful.
Measuring the patient experience is useful in several ways beyond the fiscal benefits from Medicare reimbursements. A high patient satisfaction score increases the likelihood that the patient will make a return visit or make a referral. This also makes patients less price sensitive and less likely to go to a competitor. The patient experience can be greatly affected by staff, and initiating a caregiver appreciation program can boost team morale and confidence, leading to heightened patient satisfaction.
By collecting and reviewing patient data revolving around staff responsiveness, doctor and nurse communication, control of pain levels, and the cleanliness and quietness of patient rooms, healthcare professionals are able to accurately assess issues within their business. When they parse all of the data, making the necessary adjustments is made much easier because of this high specificity provided by the collection of big data.
The share-economy has dealt a serious blow to the hospitality industry in recent years. Services like Airbnb have capitalized on the new “mobile first” mode of consumption, allowing customers to engage in their business from start to finish through their phones. Traditional hotels are wary of fully embracing the mobile first future, worried that doing so will make them seem faceless to their customers.
However, the hotel business is dependent on customer satisfaction, and more people are demanding the ability to do more through their phones. Data analysis is already a large part of the hospitality industry, but many companies undervalue the gains associated with data analysis. Proper analysis of big data can preempt customer needs by understanding their behavior and can allow businesses to provide personalized customer service, increasing the likelihood that they will retain loyal customers.
Data continues to grow exponentially, and hoteliers that embrace and invest in the tools necessary to analyze their massive data sets will gain invaluable insights into their guests expectations and needs. This can help to attract new customers and increase both profit and existing customer satisfaction.
Big data is becoming more useful everyday as we find new methods and tools to process and analyze it. Companies that are embracing this tactic are experiencing real, trackable results, and before long big data will be ubiquitous in the business world.
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