Two years after you sold them a complex piece of equipment, your customer calls and needs a part for it. After 15 minutes on the phone, you still have no idea what component they’re talking about or how to find the part they need. Whether you’re providing high-tech business equipment, HVAC systems or farm equipment, companies face similar challenges with managing parts and components.
Data science and analytics are changing how businesses interact with customers by helping to determine which data is valuable and actionable and which is simply noise. In this quick Q&A, Tim Girgenti, Chief Strategy Officer at PROS, shares his insights on why analytics and data-driven smart applications are changing the way we do business.
A few short years ago, data scientists didn’t exist – at least in title. Big Data has been with us – and ever expanding – since the dawn of the modern computing age in the 1990s. And while experts of various stripes have been mining that data for just as long (think Billy Beane), the position of data scientist didn’t properly exist until it was coined in 2008 by LinkedIn’s D.J. Patil, and Facebook’s Jeff Hammerbacher.
Whether in finance, healthcare or space exploration, organizations make mistakes. But relatively few develop the philosophy, culture and analytics necessary to consistently learn from these mistakes and use each failure to become smarter.
Whether you’re managing made-to-order products or bundles and bills of materials, configured products pose a number of challenges when you want to implement price optimization technology. This article looks at six common obstacles, and then offers five tips for using price optimization with complex product configurations.
The innovative spirit is more powerful than ever, and it’s providing unprecedented opportunities for growth and revenue. Take Uber as an example. Uber provides a solution to a real problem that impacts millions of people. Not many who use a traditional taxi service would call it enjoyable — it’s simply something people dealt with due to the lack of an alternative.
You can learn pricing lessons from many places. A few months ago my wife and I started an Italian trip in Venice. After walking around the fascinating sidewalks and alleys most of the day we decided to stop for some gelato. Most gelato shops are set up only for take away service. However, we found one gelato shop that had tables out front. Our tired feet could use the rest
I’ve been reviewing a bunch of deals in a client’s CRM system. There’s a disturbing pattern, as we start approaching the end of the month, all of a sudden the target close dates start getting pushed out. Deals we expected to close this month slip into the next month. As I review the deal histories, I see the same pattern, month after month of slippage. I looked at one deal, the target close date had shifted 11 times in the past 6 months!