We all are aware of the importance of data in the 21st century and how data started increasing from daily basis to hourly basis. Record number of studies has stated that by 2020 there will be a massive generation of data or BigData which can be of no comparison to the present amount of data generation ratio. Data is been generated from everywhere through difference means that could be big or small, but a considerable collection of data forms BigData and is expanding. Every single data is valuable and pricy, provided we leverage it in the right way.
Here are some instances of Non-IT business leveraging from data
1.Means of transport leveraging from data
We have come across situations where we find time-to-time variation in price for flight or cab booking. This is mainly done by the analysis of the demand by the travelers. As the demand value increases the travel companies make necessary computation and increase the price gradually in a way that the end user has no other way other than paying the present charge that is so much more than the normal rate. Analyzing the data of previous records can help the travel companies to understand the peak time that travelers will need to travel and make necessary price variations further leading to a great margin of revenue with comparison to the method of following a fixed rate throughout.
2.Real estate / leasing agents making use of data
Properties or apartments which has greater demand or has several positive reviews from buyers can definitely be charged more that the ones that are of lesser priority. The demand calculation can be understood only if there was a proper tracking of the previous data of that particular place. Thereby inorder to leverage through data, analyzing the rightful data and considering those selected data will help in assigning the cost.
3.Entertainment browsing sites or video channels benefiting from data
Inorder to bring 100% return visitors to websites, data such as viewers search result and most viewed search result is collected and made sure that next time the visitor visits, relevant viewer satisfaction result are on the 1st view. Data plays a great role in making the viewer feel that the site is customized to his preference and priority.
4.Street corner cafe to 7 star hotels making huge revenue out of data.
Even a small cafe can have tons of data being generated and a keen analysis can not only help to drive in profit but also avoid ways in which there are chances for loss. Going through the data of normally ordered or the most ordered menu can help in understanding the customer likes and further conclude to a decision on the quantity of items to be purchased with an assurance that it would not remain unused.
5.Online Shopping sectors making use of data
After a basic browsing through any Shopping site, we can notice that the next time we visit, items of our interest or requirements would be our first view. This happens as our previous data is collected and recorded so as to understand what your areas of interest might be. Also this data is accumulated to understand the products with least demand so that the marketing section of the site can work on methods to improve the sale factor of lesser sold products. This can only be done with a considerable amount of accurate data.
