Whether you’re in government or retail, healthcare or financial services, telecom or consumer products, your business is changing—and the amount of data available to you is increasing exponentially. The rise of social media, the Internet of Things (IoT), and online transactions has produced a wealth of valuable new data. But are you using it—and, more important, do you really need to?
It’s Not Just Silicon Valley
It’s easy to assume that only data-centric businesses (Uber, Airbnb) have to wrangle all possible data sources, both inside and outside the company, to achieve profitability. But the days of being able to keep doing what you’ve always done, and make decisions based on the same data you always have, are long gone.
According to CapGemini:
- 64% of companies believe that big data is transforming the confines of traditional business and enabling non-traditional providers to move into their industry.
- 24% are already experiencing ingress of competitors from adjacent sectors.
- 53% expect to face increased competition from start-ups enabled by data.
Clearly, data is becoming the competitive lifeblood of companies in widely divergent industries, and those who see these trends as an opportunity to mine for real business gains are seeing results.
Caesars Entertainment: Attracting a New, Younger Demographic
Caesars Entertainment is a casino-entertainment company with resorts on three continents. The company began to see that its younger customers were less engaged with gaming activities; instead, they showed more interest in hotels, shows, and shopping. And they were using more-diverse communications channels than ever before, leading to a massive increase in customer data.
Traditionally, Caesars had based its marketing campaigns largely on gaming data, targeted to specific customer segments. But over time, as traditional offers saw lower returns, Caesars realized it needed to take advantage of all the data sources available to it—including social media, non-gaming spend, call center audio recordings, mobile-device interactions, and location information—to make its marketing more responsive and agile.
Caesars’ big data project allows it to process and analyze new data sources much more rapidly, segment marketing campaigns more closely, and change them more often. A rapid feedback cycle lets the company adjust offers weekly, in real time, to specific segments. As a result, Caesars has seen increased revenue and higher customer loyalty in the new, younger demographic.
Sanofi: Discovering New Clinical Outcomes, Faster
Sanofi is a global healthcare leader with sectors in research, development, and pharmaceutical and therapeutic manufacturing and marketing.
The challenge Sanofi faces is in cleaning biomarker and clinical data, which is extremely messy and “noisy” (from data input incorrectly or corrupted in a processing step), so that its scientific teams can draw correlations between the biomarker and clinical outcomes. (In cancer therapy, certain biomarkers can predict whether or not a person is going to be responsive to a particular chemotherapy agent.)
If the data is noisy, it would be difficult to predict how a cancer might present itself. Using Trifacta to clean and transform the data, Sanofi is able to uncover the valuable signal from the noise—and gain faster insight into clinical outcomes.
City of Los Angeles: Reducing Parking Congestion and Pollution
LA is known for its traffic, and finding parking is no picnic, either: drivers coming downtown would sometimes drive around for ten minutes trying to find a place to park. The City’s Department of Transportation wanted to decrease traffic congestion and improve driver satisfaction. The Department hoped to influence driver behavior by setting a lower price for spaces further from the center, motivating drivers to park and walk.
Using data from more than a dozen systems to analyze parking violations, usage, and payment, the City came up with a demand-based pricing schedule. The new program, LA ExpressPark, embeds sensors in parking spots to continuously analyze parking-space openings. Two mobile apps let drivers immediately know which spots are available near them. As a result of the program, congestion decreased 10%, under-utilized parking spaces decreased 5%, and parking revenue increased 2%.
Orange: Improving the Customer Experience
Orange is one of the biggest telecommunications companies in Europe and Africa, with more than 263 million customers worldwide. Orange Silicon Valley is an innovation lab established by the parent company to evaluate technologies it can then introduce to international business units.
For a telecommunications company to thrive, it’s essential that it precisely monitor and understand customer behaviors—and quickly act on that information with more-personalized products and recommended services. To gather these insights, companies must leverage huge amounts of data, often across organizational and geographical boundaries. (Orange, for example, has one billion incoming call-detail records each day.)
Orange Silicon Valley is using Trifacta to rapidly process both structured and unstructured data. What had previously taken months now takes hours. Orange can leverage usage, network, and billing data to make improvements in sales, product development, marketing, and customer service, thus improving brand loyalty and topline growth while reducing overall cost.
Data Drives Innovation and Growth
The explosion of data affects companies in every industry. Making sense of that data and using the analysis to create innovative programs and products, improve customer loyalty, and enter new markets is key to staying competitive.