Page 424 - ITGC_Audit Guides

Another example of retailers using big data to improve customer service is the analysis of existing
and potential customers’ home addresses and demographic data to identify the ideal location for a
new store.

Governments ‒ City governments can collect traffic congestion data using multiple sources (e.g.,
sensors around the city, buses, and taxicabs) and analyze the data to identify patterns. Traffic
analysis can be used to determine public transportation or road expansion needs, or to create
websites that offer real-time traffic information to subscribers, which can help them plot the
shortest travel routes, avoid traffic jams, and estimate arrival times.

Financial Institutions ‒ Financial institutions can forecast trends, model options, and predict
outcomes to increase their customer base and improve customer loyalty. For example, financial
institutions can provide more personalized services and tailored products using transactional
history and demographic data to determine the right pricing and financial strategies for an
individual.

Big data allows organizations to collect data from external sources. For example, a bank can collect
data from social media to identify customers who may be dissatisfied with another financial
institution and who may be seeking a new service provider. This information can be used to create
targeted marketing messages to attract those unhappy customers by promising personalized
products and services.

5 — theiia.org