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Advances in big data analytics are enabling new capabilities and services at a never seen before rate. While predictive analytics are becoming more commonplace in business, prescriptive analytics (which combine predictive capabilities with automation) are also beginning to catalyse changes within organisations.
The main driver of these advances is the need for today’s businesses to generate deeper insights as they look to develop new and improved offerings for customers and internal use. Deeper insights enable improved capabilities which in turn will encourage customers to provide further valuable information, generating more insights, and thus continuing to drive better services delivery.
Oracle powers the development of such innovations through our Data Lab solutions and services, namely Oracle Big Data Discovery and Oracle Big Data Discovery Cloud Service. These enable organizations to rapidly understand and exploit their big data and understand its potential by providing a ‘laboratory’ environment to experiment in. Companies can see what data they have, enrich it with new attributes, test new combinations and rapidly create prototypes to prove value.
Customer insight enables retailers and service providers to better understand their customers needs and behaviour in order to develop new services, such as location-based offers and individual targeting that will help drive customer loyalty and boost revenue.
The main driver of these advances is the need for today’s businesses to generate deeper insights as they look to develop new and improved offerings for customers and internal use.
Garanti Bank, the second largest private bank in Turkey, deployed Oracle Big Data and Analytics solutions to enable real-time customer offers and reduce customer related business risks. This has resulted in much valuable learning. For example, the bank found that offers promoted to users when they log out of their online portal would be more effective than those promoted when they log in, because analytics and machine learning could be applied during the user session to gain a better understanding of what offers would most generate more interest.
Turning to a very different sector, Belgian media group De Persgroep used Oracle’s Big Data Appliance to better analyze customer behaviour. By improving visibility of its newspaper customer base through the use of predictive analytics, the company achieved a 92 percent accuracy in predicting when a customer is about to end a print subscription.
Customer insight enables retailers and service providers to better understand their customers needs and behaviour in order to develop new services.
As part of the growing Industry 4.0 trend, sensors are increasingly being used in manufacturing facilities to measure machine metrics. By applying analytics to the data being collected, maintenance or service staff can assess the risk of a component failing and quickly locate it, meaning they can potentially intervene before a malfunction even occurs.
This type of insight would help telecom operators manage their complex infrastructure, or rail operators improve network reliability and punctuality. With the reliance these organisations have on their networks, it’s clear what value they could derive from the insights analytics can provide. And when you consider that repair costs and the resulting customer dissatisfaction are higher than those associated with preventative measures, identifying problems before they occur clearly has a significant impact both on lowering operational costs and increasing customer satisfaction.
By applying analytics to the data being collected, maintenance or service staff can assess the risk of a component failing and quickly locate it, meaning they can potentially intervene before a malfunction even occurs.
A great real world use case is CERN, the European Organization for Nuclear Research, which is using Oracle Big Data Discovery to analyse the performance of its particle accelerator, the Large Hadron Collider. As the largest and most expensive scientific instrument ever built, any insight into how to increase performance and availability is clearly extremely valuable, with tangible cost benefits.
Like electricity was in the days of Edison, data is the disruptor of today. And like Edison using his lab to create new ways to make use of electrical power, a Data Lab enables organizations to come up with new ways to apply big data and analytical processes to generate deeper insight and create new services that will drive their business forwards.
This Big Data article is brought to you by Oracle and Intel®.
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