McKinsey - Fuelled by data

09 Dec. 2021 McKinsey - Fuelled by data Increasingly, data is becoming a key business asset and platform businesses that are entirely fuelled by data are among the most successful companies in the world. Apple, for example, uses data right across its business to drive success. Google, it has been said, knows more about us than our loved ones – knowledge it uses to provide a highly personalised service and to help other businesses target customers effectively. McKinsey interviewed Anil Chakravarthy, CEO of Informatica, and asked him 'how do businesses use data to create value consistently?' The CEO answered: "most value comes from being able to collect and correlate information from different kinds of systems". McKinsey also say that it is important to link internal data with data provided by third parties, vendors, or public data sources. Overlooking such external data, they say is a missed opportunity. Data is at the heart of the sharing economy, including businesses like Uber. Here are three companies representing new ways to use data effectively to provide services to people when and where they want them. The first example is a company that uses big data analytics to drive customer retention. In the year 2015, Coca-Cola managed to strengthen its data strategy by building a digital-led loyalty program. In an interview, the Coca-Cola director of data strategy made it clear that big data analytics is strongly behind customer retention at Coca-Cola. He said that data "is helping us create more relevant content for different audiences." and continued, "We want to focus on creating advertising content that speaks differently to different audiences. Some people love music. Other people watch every sport no matter what time of year. Our brands are already visible in those spaces, and we're working hard to use data to bring branded content that aligns with people's passions." Wikisoft uses big data to help companies make informed career and hiring decisions and provide company knowledge via the Wikiprofile platform. In 2019 Wikisoft was uplisted to OTCQB on the New York OTC exchange. This is a company building success on the increasing demand for big data in a dynamic market. Wikisoft is in the right place at the right time - built on the huge swing of demand for trusted data. The company's data set is continually updated using a proficient combination of proprietary web-crawling algorithms which comb the entire web for company and business information. Users have total control to update their own content by claiming their business or personal profile. Wikisoft has had an explosive journey. After former Domino´s CEO Carsten Falk took over just over a year ago Wikisoft launched an investor site and relaunched their flagship Wikiprofile platform. Following that the company entered into a Common Stock Purchase Agreement with White Lion Capital LLC of $20M and uplisted to OTCQB in August. Netflix is a good example of a big brand that uses big data analytics for targeted advertising. With over 100 million subscribers, the company collects huge data, which is the key to achieving the industry status Netflix boosts. If you are a subscriber, you are familiar with how they send you suggestions of the next movie you should watch. Basically, this is done using your past search and watch data. This data is used to give them insights on what interests the subscriber most. Big data analytics is an important investment for a growing business. Through implementing big data analytics businesses can achieve competitive advantage, reduced the cost of operation and drive customer retention. There are various sources of customer data that businesses can leverage. As technological advancements continue, data is becoming readily available to all organizations.   © 2021 Stock market news

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