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Big Data and Competitive Intelligence

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Enterprises are investing a lot of time and money into unlocking the value of Big Data for business and competitive intelligence – but are they overlooking the richest source of data available …

Enterprises are investing a lot of time and money into unlocking the value of Big Data for business and competitive intelligence – but are they overlooking the richest source of data available today?

In this deck, Connotate shares the fundamentals of collecting data from the Web to capture insights into competitors’ pricing, product positioning and consumer sentiment to fuel better decision-making.

Topics covered include:

- Basic differences in data sources (surface Web, hidden Web, automated log in, social media)

- How to compare cost/benefits of manual versus automated approaches

- Guidelines for making build versus buy decisions

-The bottom-line impact of data quality and accuracy

- Options for refining data to obtain business insights

More in: Technology , Business
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  • With organizations across nearly every vertical market investing in big data technologies, the challenge is to reap the benefits of big data without compromising data security or violating privacy and regulatory compliance requirements. Check this out! http://www.slideshare.net/Tina-stewart/insights-into-big-data-security-and-management-from-vormetric
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  • 1. Big Data and Competitive IntelligenceFinding Answers Outside the Firewall Presenters: Isai Shenker, VP of Product Management, Connotate Gina Cerami, VP of Marketing, Connotate Moderator: Christian Giaretta, VP of Sales Engineering, Connotate Date: September 20, 2012
  • 2. Presenters Isai Shenker Gina Cerami Vice President of Product Management Vice President of Marketing Connotate Connotate
  • 3. Today’s Discussion• Competitive pricing: Insight from outside the firewall • Business case and operational challenges • Case study: Competitive pricing for online retail • Case study: Pricing optimization for specialty chemicals• Customer sentiment: Digging into Deep Web • Sources of consumer sentiment • Process: Extracting consumer sentiment from YouTube • Case Study: Allergy medicine and consumer sentiment• Manual versus automated approaches• Q&A
  • 4. Competitive Pricing
  • 5. The Business Case Distributors and resellers prices 15,000,000 prices Other competitor’s prices
  • 6. Operational Challenges in Setting Prices Measuring the impact of pricing decisions Forecasting the impact of potential pricing decisions Getting Maintaining visibility into access to promotional profitability robust, Getting access to competitive robust competitive price data price data is a Making sure that stores change prices accurately and timely big challengeKeeping up with promotional deals Retail Systems cut by buyers with manufacturers Research 2012 Managing promotions Benchmark Report across channels
  • 7. Polling QuestionAre you currently collecting competitive pricing datafrom the Web? Yes – we are collecting pricing data from the Web No – we are not collecting pricing data from the Web but we have a project or plan to do this within the next 6 months No – we have no plans to collect pricing data from the Web
  • 8. Competitive Pricing:Real-World Success StoriesOnline Retailer of Specialized Retailer National Store Chain Goes Deep WebNew and Used Goods• Checks 1M online • Checks prices on • Builds online prices per day to 3M items at catalog by win business national and local going 3-7 layers levels deep on direct mfrs’ Web sites for product info Automation is key to success
  • 9. Competitive Pricing:Real-World Success StoriesOnline Retailer of Specialized Retailer National Store Chain Goes Deep WebNew and Used Goods LOWEST PRICE OPTIMIZED DOUBLED SIZE OF MARGINS ONLINE CATALOG Automation is key to success
  • 10. An Overview of the Automation Process Connotate Partners { { Collect Data Transform DeliverInternal Sources External Sources • Structure • Reports• Database • Social Media • Classify • Dashboards• Market Basket • Surface Web • Prep for Analysis • Workflow• Inventory, etc. • Hidden Web • BI Plug-ins •Secured Sites
  • 11. Example: Pricing Flow Diagram
  • 12. Price Optimization Case Study:Sigma AldrichSigma-Aldrich faced a “Big Data” challenge• An overwhelming volume of pricing information on the Web ? $ Jeopardizing Manual Inaccurate a Sound Processes Results Pricing Strategy
  • 13. Results: Price Optimization Pays Off Increase revenue 2%- 4% $8.75M - $16B for Fortune 500 Company
  • 14. Customer Sentiment
  • 15. Customer Sentiment “The better and more quickly a company can measure customer sentiment, the sooner it can tell how well a product is likely to sell.” – BusinessWeek, 2011
  • 16. Customer Sentiment: Deep WebA Fortune 50 consumer product goods company sought inputfrom social media on customer sentiment about a popularclass of products: • Twitter was easy to access via API but not useful; there was no in-depth discussion of features • Detailed product reviews existed on Amazon, Walmart, in microblogs and comments on YouTube videos • The firm wanted to access these sites and draw conclusions from this data to create a feedback loop for their continuous product design cycle
  • 17. Differences in Web Sources Facebook Twitter, etc. D A TSurface Web, Other A Social Media A Processing N Deep Web A (traverse links) L Y S Password- I Protected Sites S Data Sources Analysis 18
  • 18. Automation Opens Access to Deep Web and Secured Sites Facebook Twitter, etc. D A T Surface Web, A blogs, forums A Processing N Deep Web A (traverse links) L Y S Password I Protected Sites S AnalysisData Sources 19
  • 19. Obtaining Customer Sentiment from YouTube Manually search YouTube for <“product name”> <“review”> Use the Connotate automation package to find <“product name”> <“review”> in posted comments Use Connotate to follow links to other sites with <“product name”> Feed input into analytical engine to reveal sentiment Graphical User Interface/Presentation of Insights
  • 20. Refining Data for Business Insights: CustomerSentimentA major pharmaceutical company wants to understand thecompetitive landscape for allergy medications. • Decided to focus on data available online • Used Connotate to collect product information, prices and 4,700 customer reviews on 465 products • Analyzed data and found insights using Luminoso text analytics • Time from idea to initial findings: 6 hours
  • 21. Customer Sentiment Around Allergy Drug Costas Displayed by Sentiment Analysis Tool
  • 22. Customer Sentiment Around the Word“Generic” Customer Sentiment Around Allergy Drug Cost as Displayed by Sentiment Analysis Tool
  • 23. The Value of the Data is in the Delivery
  • 24. Another Look at the Automation Process Your internal BI tools or Connotate Connotate Connotate partners Collect Data Transform Deliver • ReportsInternal Sources External Sources • Classify • Dashboards• Database • Social Media • Structure • Workflow• Market Basket • Surface Web • Prep for Analysis • BI Plug-ins• Inventory, etc. • Hidden Web •Secured Sites Connotate provides precise quality data, structured for delivery to your analysis and presentation tools. Connotate maximizes the value of your investment in business intelligence, text analytics and semantic analysis tools. Excel
  • 25. Polling Question: Customer SentimentAre you currently collecting customer sentiment datafrom the Web? Yes – we are collecting customer sentiment data from the Web No – we are not collecting customer sentiment data from the Web but we have a project or plan to do this within the next 6 months No – we have no plans to collect customer sentiment from the Web
  • 26. Manual versus Automated Approaches Your Data Needs To Automate or Not? ? May want to consider Complex product-matching tasks crowd sourcing Small amount of data, needed a few ? A manual approach may times per year suffice Specific external data (under $5K/year) ? Purchase from 3rd party High volume data monitoring  Automate Variety of sources  Automate Frequent updates and/or monitoring  Automate Need for data post-processing  Automate
  • 27. Vast Resources of Competitive Intelligence areOutside the FirewallAutomation is Pricethe key to optimizationextractingprecise quality Product designdata Deliver new online servicesAutomation isneeded when Dynamicallythe initiative is adjust productstrategic positioning
  • 28. Selected Connotate Partners forCompetitive Intelligence Text and Sentiment Analysis Data Integration and Pricing Intelligence CrowdSourcing Business Intelligence Special thanks to Nikki Baird, Retail Systems Research, www.rsrresearch.com
  • 29. Q&AConnotate will email a link to this presentation as well as acopy of the slides to you within 2 business days.If you have an immediate need and would like us to contactyou about a forthcoming project, please check the appropriatebox in the last polling question or call us at 732-296-8844.You may also visit www.connotate.com for more information.
  • 30. Thank YouIf you have an immediate need and would like us to contactyou about a forthcoming project, please check the appropriatebox in the last polling question or call us at 732-296-8844.For more information, visit www.connotate.com.