Interesting case studies in business analytics

Kay takeaways: 

• The capabilities of artificial intelligence and machine learning have undoubtedly grown in recent years.

• Both sensor-based and structured data, as well as unstructured data, such as unlabeled text and video, may be used by predictive analytics to mine consumer sentiment.

• Case studies that demonstrate how artificial intelligence (AI) and machine learning (ML) technologies are being employed across sectors to aid in the creation of more wiser business decisions

Businesses often invest in new technologies to generate value for their stakeholders and consumers and make wise long-term investments. When applying cutting-edge technology like Artificial Intelligence (AI) and machine learning, this is not necessarily a straightforward thing to achieve. There are still few business analytics project examples that demonstrate how these technologies have been used to produce outcomes, and many businesses are unsure about where to begin implementing machine learning.

Organizations are aware of the promise of big data and business intelligence, but according to analyst Nick Heudecker, close to 85% of analytics programmes fail. Discovering the power of analytics helps decision-making, lowers costs, and allows for the introduction of more specialized goods.

The appropriate question must be asked in order for analytics to be successful. It necessitates knowledge of the pertinent facts needed to accomplish each objective. Below we have featured case studies for business analytics from various sectors.

Case studies for business analytics

Here, we’ve discussed business analytics examples that demonstrate how artificial intelligence (AI) and machine learning (ML) technologies are being employed in various fields to aid in the making of more wiser business decisions.

• Google Analytics Instant Activation of Re-marketing

When you turn on re-marketing for a web property, you can use the data from Analytics to build re-marketing audiences that you can then share with Optimize, your associated advertising accounts (such as Google Ads and Display & Video 360), and other third parties.

This research examines how businesses that used Google Analytics for re-marketing were able to re-engage consumers in markets where they were trying to make a difference, such as South Asia, Latin America, and Western Europe. The use of complementary online advertising strategies to draw more visitors to the website so they can add to the customer acquisition list, along with display and search campaigns, are efficient ways to accomplish this. A new perspective is offered to explore the role of Google Analytics for the company’s re-marketing techniques in the digital world using customer acquisition strategies for the foundation of the organization.

Analytics gathers the information it typically does when you activate Advertising Reporting Features for a web domain, as well as Google advertising cookies when such cookies are present.

• Analytics in healthcare

One of the most exciting business structures in the healthcare and pharmaceutical sectors is business analytics. It is essential for any organization that wants to maintain its competitive edge in a market where the majority of organizational structures are already struggling to find the right talent. Even expertise to fully support ongoing business needs for information processing, storing, and even analysis.

Business analytics plays a significant role in assisting organizations in making well-informed decisions across a variety of therapeutic areas, markets, and geographical regions. This aid allows organizations to make decisions within the allotted time frame and gain access to real-world insights from rivals, payers, regulators, patients, etc.

Decision-makers are empowered by data analytics and business intelligence to advocate ideas that can save and change people’s lives all around the world.

• 3 V’s of big data

Big data is defined as data that is more varied, coming at a faster rate and in larger volumes. The three Vs are another name for this. Big data, especially from new data sources, is simply a term for larger, more complicated data collection. These data sets are so large that they just cannot be handled by conventional data processing tools. However, these enormous amounts of data may be leveraged to solve business issues that were previously impossible to solve.

Volume: The volume of data is important. You’ll need to analyze large amounts of low-density, unstructured data while working with big data. This can be unvalued data from sources like Twitter data feeds, clickstreams from websites or mobile apps, or sensor-enabled hardware.

Velocity: Velocity refers to how quickly data is received and (perhaps) used. In contrast to being written to disk, the maximum velocity of data often streams straight into memory.

Variety: Variety alludes to the wide range of data kinds that are accessible. In a relational database, traditional data kinds were organized and easily suited. Data now arrives in new unstructured data formats thanks to the growth of big data.

• Fitbit’s expansions

The situation demonstrates Fitbit’s successful 2006 entry into the US market. Due to the company’s high level of customer adaptation and alignment with the market end, it has grown its market share and revenues significantly since its inception.

Company significantly increased its market share in the US market, but the rising competition from Apple and Xiaomi reduced that market share and led to a 25% decline in Fitbit sales over the relevant time.

Fitbit also has other significant problems that are endangering its competitive advantage. This includes pursuing the premium and distinctive business model in the market that the apple watch may use in the future.

• Lufthansa – becoming a giant in airline IT services

Lufthansa Industry Solutions combines big data analytics and traditional business intelligence solutions to support businesses throughout their data ecosystems. Data scientists and data architects are working with businesses to build strategies and use cases in the company’s own Data Insight Lab skills division. In addition, our professionals are developing data platforms for executing operations as well as analyzing and assessing data.

One of the top providers of IT services to the airline sector worldwide is Lufthansa Systems, a branch of Lufthansa Airlines. Lido/FPLS increases its clients’ earnings by millions of dollars each year by optimizing flight paths. Fivetran ensures that Lufthansa obtains the information necessary to develop optimized flight plans and that consumers receive their plans on time.

• IBM analytics – Building an advanced analytics platform

You may use the flexible IBM Digital Analytics API as a framework for data sharing to get information out of your reports. Use it to internalize report data, create custom widgets with your data, or provide partners or others with a subset of your data.

IBM Planning Analytics is an integrated planning system to automate planning, budgeting, and forecasting processes and promote more intelligent workflows. There are three parts to it, and they all access data from the Planning Analytics TM1 database.

• IoT and Azure Stream Analytics

IoT analytics is a data analysis tool that evaluates the vast amount of data gathered from IoT devices. IoT analytics analyze enormous amounts of data and generate informative data from it. IoT analytics and Industrial IoT are frequently addressed together (IIoT).

Azure Stream Analytics is a fully managed, real-time analytics service created to assist you in analyzing and processing rapidly changing data streams that can be used to gain insights, create reports, or set off alarms and actions.

• AgilOne Advanced Analytics

AgilOne is a cloud-based tool for predictive marketing. Advanced database management, consumer analytics, and integrated campaign management are all combined on the AgilOne platform. With the help of these integrated capabilities, marketers can completely comprehend each consumer and craft the most potent advertising messages.

AgilOne provides more precise client profiles and better predictive targeting, resulting in more pleasurable customer experiences and more profits. Through the expansion of client lifetime value across channels, the platform improves customer engagement, boosts repeat purchases, and forges more lucrative partnerships.

• Ace hardware

The next-generation ACENET, a search-driven intranet site servicing independent merchants and staff worldwide, will be powered by Ace Hardware’s Knowledge Integration Platform. Improved retail productivity, more upsell opportunities, and higher customer happiness all result from unified product and content searches.

With SharePoint 2013 and the BA Insight Knowledge Integration Platform, the new ACENET, which is now operational in over 3,000 shops, generates more accurate, thorough, and exact search results. Ace Hardware shop owners and employees may instantly access product information, real-time inventory, price information, and corporate information using a single interface.

• Dominos – integrating data for business success

Domino’s has consistently led the way in digital innovation. The pizza distributor’s early investments in reliable e-commerce and mobile commerce systems that make it simple for customers to order pizzas are largely responsible for its success.

To do this, DBi created a tailored BigQuery solution to store and query Domino’s enormous datasets quickly, effectively, and affordably. Domino’s may regularly export raw data to a BigQuery project by using the BigQuery export function in Google Analytics Premium. Daily automatic uploads of CRM data into the BigQuery database on the Google Cloud are made possible using a protected FTP site and the BigQuery API.

Following the aforementioned procedure, transaction IDs made it simple to combine CRM data with digital data from Google Analytics. BigQuery’s processing speed of terabytes of data per second makes reporting queries simple to create and automate. For instance, a study of client types by marketing channel indicates which marketing channels or keywords have the most impact on certain consumer categories.

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Conclusion

Businesses, big and small, are trying to acquire competent people with the correct combination of data literacy abilities as the field of business analytics is developing. The time is now to take advantage of the excellent employment prospects available in business analytics and other analytics-related fields.