In class we learned how businesses big and small utilise Big Data in a business environment.
Amazon, one of the biggest retailers in the world rely on Big Data to promote products. This is done by comparing searches, clicks on similar products as well as using geological information to target region-specific requirements. For example, someone who bought a notebook will most likely require stationary. As for the region, It will promote warm winter clothing in areas with cold climates while it would be less likely to promote shorts or tank tops. This is done through algorithms that compare other users buying habits. There are many factors at play, but the basic ones would be age, sex, occupation, and lifestyle. Reviews are also a big part as well. Poorly rated products are less likely to be promoted. Big Data is used to maximise profits and encourage consumers to buy more.
Facebook also uses Big Data. Likes, comments, and cookies provide valuable data that can be extracted. This alone can be used to build a picture of the type of person is behind the keyboard, even if little external information is given. This can be quite intimidating especially if it is used maliciously, however Facebook mostly uses this data to target advertisements and make recommendations. Furthermore, they use it to analyse trends in user behaviour.
Google utilises Big Data in Google Maps. The algorithms identify ideal routes to take with the shortest journey time. This is imperfect however as in some cases it leads to roads that have been closed off temporarily.
Smaller businesses can also utilise Big Data, not just the global giants. In fact, they should use it to gain the upper hand against competitors. Whether it is to find out trends in customer spending habits or find ways to better promote their business, it can be an effective tool in gaining the advantage in a business environment where competition is tight.
References:
https://ilearn.fife.ac.uk/course/view.php?id=9751#section-7
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