Cookies help us display personalized product recommendations and ensure you have great shopping experience.

By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
SmartData CollectiveSmartData Collective
  • Analytics
    AnalyticsShow More
    big data analytics in transporation
    Turning Data Into Decisions: How Analytics Improves Transportation Strategy
    3 Min Read
    sales and data analytics
    How Data Analytics Improves Lead Management and Sales Results
    9 Min Read
    data analytics and truck accident claims
    How Data Analytics Reduces Truck Accidents and Speeds Up Claims
    7 Min Read
    predictive analytics for interior designers
    Interior Designers Boost Profits with Predictive Analytics
    8 Min Read
    image fx (67)
    Improving LinkedIn Ad Strategies with Data Analytics
    9 Min Read
  • Big Data
  • BI
  • Exclusive
  • IT
  • Marketing
  • Software
Search
© 2008-25 SmartData Collective. All Rights Reserved.
Reading: Big Data and Pricing Analytics Are Rewriting the Negotiation Rules
Share
Notification
Font ResizerAa
SmartData CollectiveSmartData Collective
Font ResizerAa
Search
  • About
  • Help
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
SmartData Collective > Analytics > Big Data and Pricing Analytics Are Rewriting the Negotiation Rules
AnalyticsBig Data

Big Data and Pricing Analytics Are Rewriting the Negotiation Rules

Terisa
Terisa
5 Min Read
Negotiation Rules
SHARE

Big data is changing the rules of engagement in the business world in surprising ways. According to a trio of experts from PanGas AG, big data makes negotiators more informed and bolsters transparency. These claims have been supported by other experts, such as Dr. Jovan Kurbalija, the Founding Director of DiploFoundation.

Contents
Policy Experts State that Big Data is Changing the Nature of NegotiationsHow is Big Data Changing Negotiations?What Types of Organizations are Using Big Data for Negotiations?Big Data Will Be Central to Negotiations in 2018

Policy Experts State that Big Data is Changing the Nature of Negotiations

Kurbalija focuses primarily on the impact big data plays in intergovernmental communications and diplomacy. He goes so far as to compare the economy of data to oil markets around the world. However, his statements can be extended to the private sector as well.

“‘Conflicts over control of oil have scarred the world for decades. No one yet worries that wars will be fought over data. But the data economy has the same potentials for confrontation.’ This is how The Economist set the stage for a discussion on data geopolitics, centred on the question of national security, and, increasingly, geo-economics – defined as the promotion of national interests through economic means,” Kurbalija writes.

How is Big Data Changing Negotiations?

Here are several ways that big data is improving the negotiation rules.

More Read

Eli Goldratt and Tom H. C. Anderson Discuss Sales Forecasting
Driving Web Sales with Big Data and Personalization
Protecting Public Data
Can You Create a New Business Model Based on Big Data?
Data Werewolves

Providing New Resources for Each Party

Big data creates new tools and resources for both parties to negotiation. This is the third point that Kurbalija raised, but it probably should have been the first. Information has always been one of the most important resources of any organization. It has always been leveraged by the world’s best negotiators. Big data makes it more readily available.

Smart negotiators will seek all data that they can possibly access. They will turn to both internal and third-party sources.

Changing the Environment that Negotiations Take Place

Kurbalija states that big data has had a profound effect on both developed economies and emerging markets. It changes the way that money flows through the system. It creates more efficient ways for money to be distributed.

This allows both parties to push more during the negotiation process, because they know the other side is better off than they were before big data was available.

Creating New Bargaining Points

Big data has also complicated the negotiating process by introducing new variables. Problems that didn’t exist before are now central to many negotiations, including security and privacy concerns. Both parties need to ensure these topics are properly addressed during any set of negotiations.

Identifying Ways to Improve Value

This isn’t an issue that Kurbalija addressed, but I felt it is worth bringing up. According to the Gap Partnership, organizations in both the private and public sector can use big data to improve their own outcomes, which places them in better bargaining positions.

What Types of Organizations are Using Big Data for Negotiations?

Companies in every vertical are looking for ways to use big data to create a stronger competitive edge. This is something that is taught during negotiation training. However, some industries are more adapt at this than others. The Global Business Travel Association shows that companies are using big data to negotiate hotel deals. Here are some of the ways that data comes into play:

  • Looking at spending of each hotel brand.
  • Break down spending by category, such as food and beverage expenditures.
  • Analyze revenue and pricing strategies, such as room rates.
  • Mitigating risks
  • Focusing on improving outcomes of each transaction

The Global Business Travel Association encourages more companies to use big data in the years to come. While it will create an advantage for one party the most, it will also force others to confront spending and logistical problems.

Big Data Will Be Central to Negotiations in 2018

We already live in the knowledge economy. We are now trying to find ways to take advantage of this knowledge to provide more value for organizations at every level. Big data is helping brands negotiate better rates and put themselves in better bargaining situations.

TAGGED:big dataPricing analytics
Share This Article
Facebook Pinterest LinkedIn
Share

Follow us on Facebook

Latest News

big data analytics in transporation
Turning Data Into Decisions: How Analytics Improves Transportation Strategy
Analytics Big Data Exclusive
AI and fund manager software
AI And The Acceleration Of Information Flows From Fund Managers To Investors
Artificial Intelligence Exclusive
sales and data analytics
How Data Analytics Improves Lead Management and Sales Results
Analytics Big Data Exclusive
ai in marketing
How AI and Smart Platforms Improve Email Marketing
Artificial Intelligence Exclusive Marketing

Stay Connected

1.2kFollowersLike
33.7kFollowersFollow
222FollowersPin

You Might also Like

big data and gaming industry
Big DataExclusive

5 Excellent Big Data Tools for Fostering a Digital Workplace

7 Min Read

Yes, you need more than just R for Big Data Analytics.

4 Min Read
predictive analytics
AnalyticsBig DataExclusivePredictive AnalyticsSoftware

Which CMMS Solutions Use Predictive Analytics Capabilities?

5 Min Read
collect and transform data into business
AnalyticsBig DataBusiness IntelligenceSecurity

How to Collect and Transform Data into Value for Your Business

8 Min Read

SmartData Collective is one of the largest & trusted community covering technical content about Big Data, BI, Cloud, Analytics, Artificial Intelligence, IoT & more.

ai is improving the safety of cars
From Bolts to Bots: How AI Is Fortifying the Automotive Industry
Artificial Intelligence
ai in ecommerce
Artificial Intelligence for eCommerce: A Closer Look
Artificial Intelligence

Quick Link

  • About
  • Contact
  • Privacy
Follow US
© 2008-25 SmartData Collective. All Rights Reserved.
Go to mobile version
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?