Big Data Is Changing the Whole Equation for Business

May 24, 2013
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big dataWhen determining your criteria for price quoting, having the right data is essential.  Market trends, customer profiles, and the effectiveness of certain marketing strategies are all pieces of information that you will need to set your prices in a way that maximizes your profits while still increasing your customer base.  With SAP price and margin management, creating pricing guidelines is a much simpler process than before.  Combined with

big dataWhen determining your criteria for price quoting, having the right data is essential.  Market trends, customer profiles, and the effectiveness of certain marketing strategies are all pieces of information that you will need to set your prices in a way that maximizes your profits while still increasing your customer base.  With SAP price and margin management, creating pricing guidelines is a much simpler process than before.  Combined with other big data solutions, you can guarantee that the pricing system for your business is the most effective at increasing your profits and keeping your customers happy.  Below are some of the benefits of using big data for price quoting.

Unlock Your Data

Big data helps businesses compete more effectively.  With big data solutions, you will receive large amounts of data that is already stored.  Data from company databases, social media, the Internet, and remote sensors are all available to your business in order to set up the right guidelines for price quoting.  More information equals a more precise quoting system for your products and services.

Monitoring Events

With big data, you are able to obtain forecasting and monitoring in real-time of current events that may impact your business.  Certain events can impact the performance and operation of your business, and with big data, you are better able to predict these events and implement measures to deal with them effectively in order to minimize the hit on your profits.

Marketing Campaigns

With big data, your business is better able to put high-value marketing campaigns in to place in order to sell your products.  Big data provides analytics of many aspects of your business that allows you to determine which marketing solutions work best for your particular products and customers.  With big data, you are also able to pinpoint which of your products are weak, and which are big sellers.  As you develop pricing effectiveness solutions, you tailor your marketing campaign to the products that are likely to make you the most money and increase the recognition of your brand.

Benefits to Customers

One of the benefits of big data works to the advantage of the company and the customer.  The more data a company is able to collect from the Internet, the more precise they can be in creating a customer profile.  This allows each company to tailor products and services more exactly to what consumers want and need.  The benefit for the company is that they are able to provide a valuable product or service that is in high demand.  The benefit to the consumer is that they are able to purchase a product that meets their needs and fulfills their wants.  The more data a company is able to use to develop product lines and set price quoting guidelines, the happier the customer will eventually be with the product and the price for it.

More Data Equals Higher Profits

The goal in any business is to make money and satisfy the customers in order to keep making money.  When your company has more information available about their customers, they are better able to create and price a product that will meet these goals.  Big data allows for each party in the transaction to be better satisfied with the results.