Using Web Data to Drive Revenue and Reduce Costs

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This webinar is designed to help companies strengthen their competitive advantage by leveraging publicly available Web sources.

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Using Web Data to Drive Revenue and Reduce Costs

  1. 1. Using Web Data to Drive Revenue and Reduce Costs Presenters: Keith Cooper, CEO, Connotate Christian Giarretta, VP of Sales Engineering, Connotate Moderator: Gina Cerami, VP of Marketing, Connotate Date: March 12, 2013
  2. 2. Presenters 2 Keith Cooper Chief Executive Officer Chris Giarretta VP of Sales Engineering
  3. 3. Today’s Discussion • Why Web Data? • Drive revenue • Reduce costs and streamline processes • Automation Options • Scoping Your Project • Five steps to success • Evaluating Providers • Five questions to ask • Q&A 3
  4. 4. The Web Provides the Largest Source of Data Ever Assembled… 4 News sites Government sites Job boards Financial sites Corporate sites eCommerce sites Regulatory sites Retail sites Social forums Healthcare sites State and local court sites
  5. 5. …and the Data Continues to Grow and Change at Unprecedented Rates • 1.2 zettabytes of new digital content created in 2011* (zettabyte = 1B terrabytes) • The Internet will double in size every 5.32 years ** 5 * IDC’s The Digital Universe ** PhysOrg.com
  6. 6. 6 In Order to Use All of That Information…You Need to Find It, Filter It and Format It…
  7. 7. 7 …Then You Can Turn Web Data into Profits Sample Use Cases: Competitive intelligence News aggregation Background check Price optimization Investment research Online ad usage reports Market research Regulatory updates Sales intelligence Business risk assessment Data directories Aggregate construction bids Supply chain monitoring Brand monitoring Voice of the Customer Social media monitoring
  8. 8. 8 Using Web Data to Drive Revenue
  9. 9. Deliver High-Value Directories: HG Data • Challenge/Opportunity • Build the largest, most accurate database of B2B tech customer intelligence • Combine public and private content in unique ways to reveal new insights • Solution: Use automation to cost-effectively extract business intelligence from millions of Web documents • 10,000+ agents built to date • Highly granular database of 1M + profiles of enterprise technology users • Business Benefit • Successful go-to-market: disruptive technology replaces manual process • Extracting new value in business area long hobbled by stale sources 9
  10. 10. IDEX QualcommAlcatel-Lucent AT&T Swisscom Verizon Vodafone Bell Canada Casio Computer Research In Motion BandRich Inc. Kyocera Fujitsu Panasonic Hitachi Asahi Glass Canon Inc. Lion Corporation Supplier to Customer Value Added Reseller Fishbowl Solutions Cintra Software Tata Consultancy Law Firm of William Koy LLP Distributor Nalco Avnet Technology Solutions Imation Strategic Alliance Reveals Customer Relationships Between Business Entities: HG Data
  11. 11. Gain Transparency Mid-Quarter to Better Predict Company Performance: Financial Firm • Challenge/Opportunity • Gain daily/weekly/monthly visibility into inventory/sales of companies and market segments where data is made public only on a quarterly basis • Solution: Continually monitor available inventory and other data posted on websites in those markets • Use automation to capture precise indicators on an ongoing basis • Analyze trends and make predictions • Business Benefit • Transparency supports more accurate predictions of financial results to support smarter investment decisions 11
  12. 12. Gain Transparency Mid-Quarter: Web Page 12 Camera sales: •Check camera prices daily •Full-sweep of camera inventory weekly •Map trends, spot anomalies •Compare one or two targeted suppliers to overall segment averages
  13. 13. Web Page is Transformed into Usable Data 13
  14. 14. Enhance Risk Assessment: Business Information Provider • Challenge/Opportunity • Deliver updates/alerts on changes in assigned risk status of counterparties to a financial transaction instead of just producing a static report • Solution: Use automation to monitor websites for updates • Monitors sites for changes that affect a business entity’s assigned risk status – mergers, acquisitions, bankruptcies, de-listings, regulatory changes, sanctions • Business Benefit: • First-to-market with a risk assessment service offering continual monitoring • Fresh Web data is integrated into customer (financial institution) workflow – enhancing customer “stickiness” • Automated Web data extraction solution delivered a 6-month payback 14
  15. 15. Web Sources 15
  16. 16. Web Page is Transformed into Usable Data 16
  17. 17. Price Optimization: Sigma-Aldrich • Challenge/Opportunity • Optimize product positioning in B2B market where buying decisions can be motivated by a few dollars or cents • Competitors’ prices are changing constantly • Solution: Replace manual spot checking of prices with precise automated Web data extraction • Continually extracts sizing/pricing on more than 150,000 products • Acquired usable data for historical trend analysis • Business Benefit • Optimizes prices to improve profit margins • Reduced manpower devoted to data collection by 50% 17
  18. 18. Price Optimization Pays Off 18 Increase revenue 2%- 4% $8.75M - $16B for Fortune 500 Company 2012 Study: Companies that successfully implement price optimization will realize 2 to 4% improvement in total revenue
  19. 19. 19 Using Web Data to Reduce Costs
  20. 20. Automated Records Check Improves Speed and Accuracy: Tandem Select • Challenge/Opportunity • Criminal records are highly structured; accuracy and reliability is key for people making hiring decisions • Deliver guaranteed turnaround time on accurate checks without adding staff • Solution: Replace manual processes to extract records directly from court websites on demand • Business Benefit • Average background check time reduced from hours/days to minutes • Much better quality - far fewer errors – guaranteed turnaround time • In 12 months, order fulfillment increased 62% while operating expenses decreased $150,000 20
  21. 21. Automated Records Check (FetchCheck): Tandem Select 21 Standard customer order at Tandem site Tandem’s application calls Connotate/FetchCheck with a Web services request Agent extracts, transforms and normalizes data Information is returned to calling application Process takes between 6 and 20 seconds to complete
  22. 22. Improve Revenue Collection Processes with Accurate Reporting: Interactive Advertising • Challenge/Opportunity • Billing reconciliation was taking weeks/months (14 people overseeing daily data collection, 5 days/week) • Usage data posted on multiple password-protected Web sites (portals) • Solution: Automated Web data collection accesses portals for highly-accurate reporting and billing • Reported data is 100% error-free; data is collected 365 days/year • Business Benefit • Quality data supports timely, accurate billing (reconciliation in days) • Aggregated views enable ad placement optimization increasing customer ad revenue 30 – 300% 22
  23. 23. Web Page is Transformed into Usable Data 23 1. Navigates the portal 2. Precisely captures statistics 3. Turns data into Excel
  24. 24. 24 Automation Options
  25. 25. Turning Web Data into Profits: Text 25
  26. 26. Turning Web Data into Profits: Files 26
  27. 27. A Closer Look at Different Approaches 27 Approach Considerations Manual offshore No economies of scale; human error compromises quality. Crowdsourcing A viable approach for complex tasks like product matching of apparel for one-shot projects; may be less reliable for ongoing monitoring and long-term projects. In-house or low-cost Web scrapers Not resilient; scrapers break when Web page HTML changes, expensive programmers must fix scripts, increasing total cost of ownership (TCO) Robust automation installed on-premise High degree of control; better resiliency to change – reduced TCO however, project complexity and future needs may indicated hosted solution is better Robust solution hosted by vendor Highest resiliency; no maintenance burden – reduced TCO; 24/7 follow-the-sun support; infinitely scalable and no capital expenditures for hardware or IT resources.
  28. 28. Manual versus Automated Approaches 28 Your Data Needs To Automate or Not? High-volume data monitoring  Automate Variety of sources  Automate Frequent updates and/or monitoring  Automate Need for data post-processing  Automate Small amount of data required just a few times a year from very simple sites A manual approach may be adequate One-time feed of very specific data Purchase data from 3rd party Product matching applications where unique identifiers are not available May want to consider crowdsourcing
  29. 29. Polling Question: Web Data Collection Are you currently collecting data from the Web? Yes – we are doing this using an automated process Yes – we are collecting Web data using a manual process Yes – we are using BOTH manual and automated approaches No – we are not collecting Web data
  30. 30. 30 Scope Your Project: 5 Steps
  31. 31. Scoping Your Project: 5 Steps to Success 1. Clarify what you want to do with the data 2. Look at what’s happening manually today – find out how users are accessing the Web – these are targets for automation 3. Identify the sources you need 4. Narrow your scope….you may not need “everything” 5. Anticipate future requirements 31
  32. 32. 32 Evaluating Providers: 5 Questions to Ask
  33. 33. Evaluating Providers: 5 Questions to Ask • Can it scale up easily and quickly? Look for a proven ability to handle high-volume, high-frequency applications without draining your IT resources • Is it resilient ? Can it withstand website formatting changes – or will it “break,” requiring code fixes? • How does it detect / deliver updates? You’ll save time and money with change detection with highlighting – the ability to detect and deliver “just the changes” • Does it support my operational workflows? Built-in job scheduling, resource shared access and other features can increase efficiencies and coordinate workflow • What are the deployment options? Flexible options for on-premise and hosted solutions should adapt to your needs 33
  34. 34. Polling Question: The Value of Automated Web Data Collection Do you believe automating Web data monitoring and extraction could add value to your business? Yes – we are doing this now Yes – we are planning a project in the near future No – not at this time I need more information before deciding
  35. 35. Here’s What Success Looks Like… Create new and enhanced products and services faster Predict company and market performance faster, better: gain transparency into non- transparent markets Monitor competitor prices to optimize product positioning Automate reporting for timely, accurate revenue collection 35 … Connotate’s experts are ready to take you there
  36. 36. Q & A Connotate will email a link to this presentation as well as a copy of the slides to you within 2 business days. If you have an immediate need and would like us to contact you about a forthcoming project, please check the appropriate box in the last polling question or call (+1) 732-296-8844. For more information, you may also visit www.connotate.com or www.connotate.co.uk. 36
  37. 37. Thank You If you have an immediate need and would like us to contact you about a forthcoming project, please check the appropriate box in the last polling question or call (+1) 732-296-8844. For more information, visit www.connotate.com or www.connotate.co.uk 37

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