A lot of the discussion around Big Data often centers on internal transaction data available in CRM, ERP or other cloud-based enterprise applications. But by doing that organizations are taking a risk at missing the bigger picture. While these are important data sets for any organization it’s the combination of this information with external data sets that will provide a 360 degree view of the business. Here are other types of data you should be monitoring to discover critical information about your business, customers and competitive landscape:
- User-generated data.
Your customers are sharing information about their experience with your brand, what they like and don’t like about your product, how it compares to the competition and many other insights that can be used for identifying new sales opportunities, planning campaigns, designing targeted promotions or guiding product development. This information is available in social media, blogs, customer reviews or discussions on user forums. Combining all this data with call center records and information from other back-office systems can help you identify trends, have better predictions and improve the way you engage with you customers.
- Public data.
Public information made available by federal, state and local agencies can be used to support business operations in human resources, compliance, financial planning, etc. Information from courthouse websites and other state portals can be used for background checks and professional license verifications. Other use cases include monitoring compliance regulation requirements, bill and legislation tracking, or in healthcare obtaining data on Medicare laws and which drugs are allowed per state.
- Competitor data.
Information about your competitors is now widely available by monitoring their websites, on-line prices, press releases, events they participate in, open positions or new hires. This data allows you to better evaluate the competition, monitor their strategic moves, identify unique market opportunities and take action accordingly. As a retailer for example, correlate this data with order transaction history and inventory levels to design and implement a more dynamic pricing strategy to win over your competition and grow the business.
- Partner data.
Across your ecosystem, you have daily interactions with your partners, suppliers, vendors and distributors. As part of these interactions you are exchanging data about products, prices, payments, commissions, shipments and other data sets that are critical for your business. Beyond the data exchange, intelligence can be gleaned by identifying inefficiencies, delays, gaps and other insights that can help improve and streamline partner interactions.
To learn more about how you can start using all this wealth of available information join me on a 30-minute webinar next week, August 6 at 8am PST. We’ll be sharing real-world examples of how this data can be put to work and quickly turned actionable to drive results for your organization. http://bit.ly/119JG1f
Authored by: Hila Segal, Director of Product Marketing