Seven Ways to Make Big Data an Actionable Opportunity

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The most valuable and measurable outcomes are those associated with sales growth, profitability and competitive positioning. For example, one large chemical manufacturer began experiencing declining revenue for one of its burgeoning businesses and recognized a series of unaligned business processes. Working with its planning department, it used Big Data to shape a new demand curve for where products should be shipped to satisfy customer requirements. It was also able to use data science to identify prescriptive pricing guidance for the sales team. Revenue increased by $200 million in the first year alone.

Companies can achieve Big Data success by starting small and focusing on the highest leverage opportunities, which can usually be found in sales and pricing strategies. Successful Big Data applications should be able to answer key questions that fall under the business intelligence umbrella (such as, “How do I sell more products to an existing customer?” or “Can I extract a higher price for this specific transaction?”). The ability to answer these questions with Big Data insights can help organizations respond more quickly to their customers, and also enable them to drive sales volumes and increase revenue. Here are seven ways, identified by PROS, to change Big Data from a buzz word to an actionable opportunity.

 

Related Topics : Vulnerabilities and Patches, Resellers, Broadcom, Broadband Services, Supercomputing

 
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