With more companies generating big data that is critical to the way they run their business and are able to turn their data into value, others are feeling their organizations are not using the data they've accumulated to their advantage.
Big Data analytics is now essential for a company's competitive growth. According to Accenture's Industrial Internet Insights Report for 2015, 74% of enterprises say that their main competitors are already using Big Data analytics to successfully differentiate their competitive strengths with clients, the media, and investors, while 93% of enterprises are seeing new competitors in their market using Big Data analytics as a key differentiation strategy.
Here are some of the companies that have been changing the face of Big Data.
The Swedish music, podcast, and video streaming service, Spotify, is one of the companies that have truly mastered the importance of Big Data and how it can help make their clients satisfied with their brand and products.
The company started offering the Spotify Discover Weekly Function in 2015, which takes data that indicates a user's taste in music, combines that with data from other people with similar musical taste, and aggregates it in order to create a unique personalized playlist for that specific user every Monday.
A recent report from EKN Research states that 80% of e-commerce giants say that they lag behind Amazon in analytics maturity. With a revenue of $2 billion per year, Amazon has revolutionized online shopping for consumers for over 17 years, and in recent years thanks to its leveraging of big data to its advantage.
The company analyzes the data of its 200 million customer accounts "by hosting their 1,000,000,000 GB of data on more than 1,400,000 servers to increase sales through predictive analytics," according to DZone.
Amazon then uses the information it has discovered in order to create a deeper and more personal connection with its users through personalized recommendations, price optimization, targeted marketing and more. These include many sections on your homepage like "Recommendations For You," "Related to Items You Have Viewed," "Customers Who Bought This Item Also Bought," and others.
Amazon uses big data through various tools in the cloud and uses the Elastic MapReduce analytics platform in order to receive accurate results. In fact, 10%-30% of the company's additional revenue is generated in response to the accurate recommended suggestions it offers consumers.
The company has even acquired a patent for Anticipatory Shipping, which allows it to ship products before users have even placed an order. The algorithm-based system signifies Amazon's belief that their Big Data analytical systems will become so accurate that they will be able to predict in advance what and when a customer will purchase a specific item.
While some companies are building their own data analytics platforms, and others are struggling to reach the best information regarding their business, SQream Technologies provides clients with a database that is leveraging GPUs (Graphic Processing Units) to deliver a robust software technology solving complex big data and analytics pains.
As the pace of accumulated data is growing exponentially, companies are often overwhelmed by the amount of data they need to deal with in order to get the insight and business value they are looking for.
SQream is essentially a technology able to analyze massive amounts of data with minimum hardware requirements and infrastructure changes involved.
It utilizes GPU's, which together with the company's patented technology, result in up to 100 times faster analytics performance on terabyte-petabyte scale data sets.
The American Airline, Delta, took advantage of the fact that it has over 130 million pieces of luggage to check per year, and became the first major airline to use its load of tracking data to allow customers to track their bags from their mobile devices. The app's system is based on a simple piece of technology, the Radio Frequency Identification, also known as RFID, which uses radio waves to identify and track an object.
The technology has been around for decades but has only now become available following a $50 million investment by the company this April to overhaul its old barcode bag tracking system to include RFID printers and sensors, as well as a tracking app that will send alerts to travelers regarding the whereabouts of their luggage.
Baggage handlers will receive information from the tiny chip, with a green light indicating everything is on track, and a red light alerting to a problem. The investment has so far proved itself highly beneficial with a decline in the number of missing bags.
Pivotal was launched to compete with Google and Amazon and offers hosted and managed web services for software companies. Its big data products include its own Hadoop distribution, Pivotal HD, and Pivotal Analytics, a subscription-based analytics platform.
They are all packaged together as Pivotal Big Data Suite. Pivotal's sales of big data-related software and services are now worth around $2.8 billion and they only just recently raised $400 million.
In short, there is no denying that companies that know how to properly use big data to their advantage are making more money and better business calls.
"Legacy systems are in rapid decline, and the vast majority (as much as 90 percent) of the world's data will be managed by next-gen technologies by 2020," according to UpSide. "Next-gen platforms will soon be the heart of enterprise computing systems. From that perspective, 'the next generation' is now."