It’s not inaccurate to say that the MCO is doing no favours for the economy; the shops are closed, most sectors are disrupted and shopping has gone down to a bare minimum. Everything’s slowed down out of fear of catching the virus. But you know what doesn’t slow down or get viruses (besides the malware kind)? Big Data, the bread and butter of data-driven organisations.
A data-driven organisation is by definition a company that deals with big data and leverages on it for the business’s benefit. Our top 4 company picks will serve as a reference guide on what it is and how it can greatly benefit the businesses of tomorrow.
Grab, the Singaporean ride-hailing company, and now with delivery services too. It is one of the de facto service for anyone needing a quick ride to somewhere or having food delivered to your doorstep (which has seen a recent spike). This leads to plenty of data being generated every time the service is used. There’s pinpointing the areas with the most ride-hails, the type of routes riders frequent and consumer behaviour, to name a few examples.
Aside from gaining a competitive edge in the industry, studying these large chunks of data can lead to help in systematically solving traffic congestion, not just for Grab but for the transportations Ministry too.
Remember the days when had you to look for a good plumber and all you had to rely on were just pages from a newspaper or word of mouth? With ServisHero, finding a reliable home service provider is as easy as pressing a button with ServisHero’s connections with over 2000 service providers across Malaysia and Singapore. ServisHero leverages cloud based tools in their business to fill-in information gaps in the market such as business activities across the region and prices of services against market benchmarks.
ServisHero continuously improves its service transparency by utilising big data analytics in its operations. This is a decision which has helped their customers save time and money; fostering company loyalty.
Air Asia also utilises Big Data analytics in hopes of soaring to new heights of business efficiency. According to Digital News Asia, AirAsia’s website AirAsia.com and their mobile app deal with a sizeable 80% of all their flight bookings, and with more than millions of passengers flying with AirAsia every year, that’s a lot of data to sift through.
However, the insights gained are proving to be worth it such as using them to cater for a better experience for the passengers, improve, planning for efficient work flows and even predicting and reducing the time of plane being on the ground.
Banks handle databases which accounts for large amounts of daily transactions. Everything from customer account data, money transfers, loans, interest rates to currency exchange. There are a lot of data coming in and out.
Compiling this data and putting it through the predictive capabilities of artificial intelligence and machine learning helps Maybank gain insights on how to better determine the operating environment’s current and possible future helps in business decisions like balance sheet optimisation, efficient allocation of capital and asset quality control.
Perhaps data analytics is a difficult concept to fully comprehend; there is no denying that it’s found in all levels of industry and knowing how to use it to your own organisation’s advantage is worth its weight in gold and gigabytes.