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Seven Ways to Make Big Data an Actionable Opportunity

  • Seven Ways to Make Big Data an Actionable Opportunity-

    Insights come from Big Data science; outcomes come from Big Data applications infused with data science. This is Big Data nirvana. For example, one international storage and information management company saw its incremental revenue level off. It faced issues including stick rates and miscommunication between the pricing department and the sales teams. As a result, it was having trouble meeting specific targets. Thanks to Big Data science and prescriptive pricing guidance, it was able to identify specific attributes imperative in determining customers’ willingness to pay. Thanks to these insights, the company realized that a sizeable number of contracts were priced far below market price. Not only has it seen some really impressive data, it's also seen a reduction in customer terminations and improved statistics.

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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-7

    Insights come from Big Data science; outcomes come from Big Data applications infused with data science. This is Big Data nirvana. For example, one international storage and information management company saw its incremental revenue level off. It faced issues including stick rates and miscommunication between the pricing department and the sales teams. As a result, it was having trouble meeting specific targets. Thanks to Big Data science and prescriptive pricing guidance, it was able to identify specific attributes imperative in determining customers’ willingness to pay. Thanks to these insights, the company realized that a sizeable number of contracts were priced far below market price. Not only has it seen some really impressive data, it's also seen a reduction in customer terminations and improved statistics.

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.