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Seven Ways to Make Big Data an Actionable Opportunity

  • Seven Ways to Make Big Data an Actionable Opportunity-

    Big Data applications are the future of Big Data because they provide the execution arm of technology, not just insights. One example of this type of application is price guidance, which is a technique that delivers a set of pricing recommendations to the sales person, including details on deals most likely to close, products that are most likely to sell, and prices that are most likely to win. It hides most of the back-end complexity associated with Big Data and price optimization.

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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-8

    Big Data applications are the future of Big Data because they provide the execution arm of technology, not just insights. One example of this type of application is price guidance, which is a technique that delivers a set of pricing recommendations to the sales person, including details on deals most likely to close, products that are most likely to sell, and prices that are most likely to win. It hides most of the back-end complexity associated with Big Data and price optimization.

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.