Whether it’s petabytes of data or just a few gigabytes, Big Data is really all about new and creative ways of leveraging data to extract significant value. Many companies are already using Big Data without calling it Big Data. It doesn’t have to be large volumes; it’s really about surgically getting the right data to make a difference in the enterprise.
Here are 5 use case examples for leveraging data in the enterprise:
1) Competitive pricing: The on-line commerce market is highly competitive. Prices of products are dynamically changed several times throughout the day. To stay competitive retailers monitor and extract in real-time critical pricing intelligence and inventory information of millions of SKUs from multiple competing websites. With this data they’re able to offer consumers the best price, drive higher customer acquisition and grow market share.
2) Regulatory compliance: Pharmaceutical companies need to build and maintain a healthcare professionals’ exclusion list of individuals with whom the company should not do business because they had lost a license or were otherwise disqualified. In order to meet U.S. Food and Drug Administration (FDA) compliance requirements they extract such information from various federal government websites, feeding into compliance systems.
3) Sales prospecting: To speed up the sales cycle, companies are equipping sales executives with background and contact information for prospects aggregated from multiple public sources such as LinkedIn, ZoomInfo, business publications, Google, white pages and others. With a comprehensive profile of their prospects, sales reps are able to speed up the velocity and quality of their sales calls and increase win rate.
4) Market research: In the fast moving and super competitive financial services market what you know today that no one else knows can yield significant financial gain. Companies in this industry are turning to various websites and government portals — looking for unique competitive advantage by leveraging market data that only they have. They’re creatively using this data to predict market conditions that guide critical investment decisions.
5) Customer feedback: Today, users’ feedback and commentary about products is readily available on the web. Software companies are turning to a growing number of external and internal blogs, user forums and discussion groups to collect information about use case scenarios, product reviews, support cases and feature wish lists across industries.
Companies use this information to guide product development plans and competitive strategies.