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Seven Ways to Make Big Data an Actionable Opportunity

  • Seven Ways to Make Big Data an Actionable Opportunity-

    Big Data only matters if it results in better outcomes, not just better insights. For example, in the midst of health care reform, medical device manufacturers have experienced excruciating pressures from hospital purchasing organizations looking to reduce their costs. Using its Big Data, one company’s sales team was able to show the purchasing organization its calculations on how to evaluate pricing. The result: a 6 percent increase in average selling price in four quarters, and the highest margin in three years.

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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-5

    Big Data only matters if it results in better outcomes, not just better insights. For example, in the midst of health care reform, medical device manufacturers have experienced excruciating pressures from hospital purchasing organizations looking to reduce their costs. Using its Big Data, one company’s sales team was able to show the purchasing organization its calculations on how to evaluate pricing. The result: a 6 percent increase in average selling price in four quarters, and the highest margin in three years.

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.