Original article was published on Artificial Intelligence on Medium
Big Data and AI: Even More Information about Your Customers
Anything users do online, from shopping to likes and subscriptions, is there forever. This massive volume of information is called big data. It is of great interest for business. We are going to tell you how big data and artificial intelligence help collect information about customers, raise companies’ income and change the world.
Big Data and Customers: Tons of Information for Sales Growth
Big data refers to the large volumes of information on an object or phenomenon, gathered from numerous online sources by using a special technology. Big data can be both structured and unstructured. For instance, big data on customers may include:
Personal data, i.e. name, email address, telephone number, gender, age, location;
Time spent online and hours of the highest engagement;
Most visited places, i.e. stores, cafes, offices;
Fields of interest;
Social network activity, i.e. subscriptions, likes, comments;
Number of visits to websites and applications;
Information on users’ movements on foot, by car, public transport or taxi.
This is not an exhaustive list, but just imagine the window of opportunities for sales and services offered to business by big data analysis with the help of artificial intelligence. Importance of personal data gets to a new level and requires new technologies.
Artificial Intelligence in Big Data: Collaboration for Best Results
The secret of such rapid evolution of big data systems lies in the use of artificial intelligence. With the help of machine learning, big data collects more and more information and achieves greater accuracy for its analysis with each passing day.
Use of artificial intelligence solves the problem of personal data research: “smart” algorithms cannot recognize and identify a person. Computer programs collect vast amounts of personal data, but they are “impartial”, which helps to maintain confidentiality. Big data technologies settle two matters at once: learning as much as possible about customers and protecting their privacy in the meantime. Artificial intelligence is so much better in it than any human is.
5+ Big Data Tasks in Customer Relations
The main plank of big data is that the more you know about something, the easier it is to manage it successfully and to predict what will happen next. In the context of customer relations, it means completing the following tasks:
Building an accurate profile of the target users;
Understanding of their interests, preferences, complaints, and wishes;
Providing specific recommendations based on the personal data analysis;
Detecting customer categories for relevant products and services;
Specifying dates of products manufacture with a focus on profits maximization.
Konstantin Baev, Head of IT department in Domino’s Pizza, encourages collecting as much personal data as possible from the very outset. It can work for a business’ benefit when it reaches the stagnation phase, since its executives will have enough information to figure out what is going on and will be able to use it to overcome the crisis.
Big Data Analyst: In-House vs. Outsourced
Big data analysts are specialists who process big data. Such experts can be both in-house or outsourced. For instance, if a company collects data using its own custom framework, it needs in-house analysts. In case it works with a ready-to-use framework, outsourcing will do.
Big data analysts who are adept at artificial intelligence technologies and really know how to work with big data are yet to seek in the Russian analytics market. Bringing such an expert into the fold will require providing them with both high salary and brand-new tasks for skills upgrading: analysts are usually drawn to cultivate their skills further and to add more value. In most cases, outsourcing is more cost-efficient.
Use of Big Data in Russia: Successful Cases
Big data and artificial intelligence technologies have a practical effect on business. The following are real-world examples of big data benefits:
HOFF hypermarket chain managed to increase ROI in several categories by 17%.
Carprice cut down its maintenance expenses by a factor of four and improved its quality by approximately the same factor.
Zarina brand grew its revenue by 28% with the help of personalized recommendations.
S7 Airlines created personalized offers and doubled conversion, and at the same time managed to cut down the prices by 40%.
AllTime.ru chain increased conversion of various website units by 3–17.3% and grew its revenue by 32.7%.
Big data and artificial intelligence capabilities are increasing day by day. Leading companies already exploit them commercially in order to understand their customers better and to increase the profits. We highly recommend you to collect personal data from the outset. If you don’t know how to do it, please contact us so we can help you