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Seven Ways to Make Big Data an Actionable Opportunity

  • Seven Ways to Make Big Data an Actionable Opportunity-

    Companies that embrace and invest in Big Data will outperform their competitors in every available financial metric. For example, in 2009, drilling activities plummeted across the board. One global oilfield services company was facing challenges similar to its competitors, including insurmountable profitability losses due to the instability of the oilfield business. In addition, fluctuations in market demand were causing inconsistent data sources resulting in imprecise pricing. After implementing segmentation and using Big Data science to forecast demand, the company generated $200 million in incremental sales over a two-year period, enabling them to outperform the market.

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Seven Ways to Make Big Data an Actionable Opportunity

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  • Seven Ways to Make Big Data an Actionable Opportunity-3

    Companies that embrace and invest in Big Data will outperform their competitors in every available financial metric. For example, in 2009, drilling activities plummeted across the board. One global oilfield services company was facing challenges similar to its competitors, including insurmountable profitability losses due to the instability of the oilfield business. In addition, fluctuations in market demand were causing inconsistent data sources resulting in imprecise pricing. After implementing segmentation and using Big Data science to forecast demand, the company generated $200 million in incremental sales over a two-year period, enabling them to outperform the market.

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.