It's 2018. Our world has more information than we know what to do. In the past, only the government had access to all the information. Today, private companies are being granted access that information. In 2017, only 53% of companies are utilizing big data. It is setting companies apart and becoming a competitive advantage.
There are tons of objectives for big data. The purpose I view most important for big data is gathering more insights about the customers. A popular brand, who is a rock star in this ideology, is Netflix. (okay, who doesn't love Netflix!)
With over 117.58 million worldwide streaming customers, data and analytics are Netflix's biggest assets. It has made them more successful than networks such as HBO.
An important feature Netflix uses is their recommendation algorithm. With customers rating movie genres and previous
How successful are they? Over 75% of viewers based their TV decisions from the algorithm's suggestions. (So, pretty successful!) This allows Netflix to gain customers' trust and allows them not to get information from outside sources.
So what else can Netflix track? Netflix has complete access to:
• When we pause, rewind or fast-forward content (do you ever skip a TV shows theme song?)
• What day of the week we watch Netflix
• The exact date we watch Netflix
• The zip-code where we watch (okay, maybe that's a little scary)
• The type device used to view The ratings, which users give 4 million ratings a day
• Netflix keeps tracking what we do when the credits roll. Do we leave the app? Or, do we continue to watch more Netflix?
This information has improved Netflix's customer experience and altered their user experience. Also, it has increased the amount of time users spend on Netflix.
So you're probably thinking, okay, maybe big data is essential to my business. The answer is, data and analytics are critical when gathering and managing information about the customer.
by Lauren O'Malley
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