Within this Artical I would like to Discuss one Particular Business Use Case of Oracle Endeca Information Discovery.
On the recent Oracle Open World 2012, Jim Moffatt Chairman and CEO of Deloitte Consulting gave a Keynote Speech about exceptional companies and what they have in common.The Full Length Keynote can be found here: http://medianetwork.oracle.com/video/player/1878712287001
The Company conducted a Research Study which lasted about 4 Years where many Company’s where screened. This research concluded that Companies with a exceptional Financial Performance where Focusing on two High-Level Principles:
- Focus Value Differentiation instead of Price Leadership
- Focus on Revenue instead on Costs Savings
Since the Research Study concluded with these findings a Company would need to find a Definition of what the Actual Value it is Producing/Bringing to their Customer’s.
Surely company’s will have hundreds of Pages describing the unique Value they are Producing. Taking the Retail Sector as an Example, Company’s might also have found very refined ways of creating additional Revenue by appealing to our Subconscious Self using special Packaging, Colors, etc.
e.g. reducing Packaging from 100 g to 80 g for a chocolate bar and reducing the Price only marginally if at all. (Surely they will argue that customers demand smaller amounts..)
This very Scientific approach of increasing Revenue can be supported or even extended with using Social Media Analysis by determining what Customers are actually saying about a certain Product. Thus, getting a grasp of what (From a Customer Perspective) the Produced Value actually is. Maybe it is the Price that is appealing, the Quality, the Design or a special Product Feature.
Surely one needs to be careful as some applied “selling Tricks” that work on a subconscious Level might not be mentioned within the Social Media.
One Tool that allows Analysing this unstructured Data is Oracle Endeca Information Discovery. A Product Description can be found here: http://www.oracle.com/us/solutions/business-analytics/business-intelligence/endeca/overview/index.html
For Further Reading on how ones buying Decisions are influenced: