ORACLE DATAFOX - NEW AND IMPROVED INDUSTRY CLASSIFICATION MODEL TO BE RELEASED IN APRIL 2021
(Doc ID 2754073.1)
Last updated on FEBRUARY 26, 2021
Applies to:Oracle DataFox Cloud Service - Version N/A and later
Information in this document applies to any platform.
Oracle DataFox’s proprietary industry classification model is a far more modern approach than most legacy systems. However, Oracle is continuously working on improving both the fill rate (number of companies with an industry classification) and accuracy (as judged by human-curated analysis).
As a result of a large data science research project using advanced multi-factor training algorithms, Oracle will be rolling out a series of major changes and improvements to the industry classification model on April 29th, 2021. The new model will result in better precision and industry data. After this update in April, Oracle will have a quarterly cadence of industry classification model releases on the first Thursday of July, October, January, and April. The next release of DataFox industry classification model will be on July 1st, 2021.
Oracle recognizes that you may power mission-critical business systems, such as sales territory assignments, using the DataFox industry classifier. Oracle will therefore work with you to ensure continuity of your business processes as you uptake this change.
Let’s look at the impact of the new model and the best practices to uptake the model for different integrations.
Enrichment and Sync Settings
If you’re using the industry classifier to define sales territories and do not want the territories to be changed mid-cycle, you can control syncing and overwriting. Currently, you’re syncing industry data from the existing model, and you may not want to uptake the new model in your CRM systems immediately after it’s released. To manage this, you can change your enrichment or syncing logic. See How to Manage Migration to the New Industry Classification as explained in the next section.
How to Manage Migration to the New Industry Classification
When the new industry classification model releases, you have two options. You can either choose to uptake the new model as soon as it’s released, or you can uptake it later. This table details the enrichment and sync best practices for both options for different integrations.
|Integration||Uptake on Release||Uptake Later|
|API||No action required. You don’t need to change anything. The data will be updated via the Company Details API and your code logic will receive the new data as soon as the feature is released.||Pause refresh on the Industry field until you’re ready to uptake the new model. You can pause the field altogether or you can update your code logic to temporarily push those updates to a separate field and only migrate the updates to your primary field when you’re ready to uptake them.|
|CX Sales||No action required. You will automatically receive the new model through the industry field updates. The new data will flow through and populate the fields you have chosen in the mapping setup.||You can change the field mapping for industry model data to a new field, thus ensuring that all the industry data that’s synced after the change is stored in a new field until you’re ready to uptake it.|
|Eloqua||No action required. The updated data will automatically flow through the connector and populate the field that’s defined as the industry field.||Not applicable for Eloqua.|
|Salesforce||No action required. The updated data will automatically flow through to the field you mapped to the DataFox industry field.||You can do one of the following:
Change your sync settings to update only those records where the existing field in your system is currently NULL. To do this, deselect Overwrite for the industry fields on the Field Mappings page. This ensures that your previous territory assignments don't change, and the new industry model results only appear on records where there was previously no industry assigned. You can reselect Overwrite when you're ready to uptake the changes.
You can change the field mapping for industry model data to a new field, thus ensuring that all industry data that’s synced after the change is stored in a new field until you’re ready to uptake it.
You may also be using the industry attribute in one or more critical dynamic lists.
For example, let’s say you have created a dynamic list for all companies where "Industry = Cybersecurity Software" and "Headcount > 1000”. In this example, you receive an email alert when a company meets the criteria so that you can assign that new "addressable account" to one of your sales reps. Because Oracle DataFox’s algorithm will update the industry classification for many companies when the new model is released, you could have many new companies included in the dynamic list. It’s important to note the following:
The new model may bring in new companies into your dynamic list so you may have these new accounts that you need to assign to your sales reps.
If you have any automated triggers that rely on these fields, it’s a good idea to pause them before the model is released. For example, if you do automatic territory assignment based on these alerts but prefer to roll out this big batch of new accounts more strategically over time, you may want to pause the automated alerting on these dynamic lists.
You can use the dateadded field in DataFox dynamic lists to see which companies got added to the dynamic list after the rollout of the new industries.
Account Scoring Models
You may be using the "industry" attribute in your account scoring models. For example, in your account scoring model, you assign 20 points for companies that belong to the cybersecurity software industry. When you uptake the new model, you may have several new companies meeting this scoring criteria and so their account score may increase.
In most cases, you can simply leverage the updated scores in your next large territory expansion or re-alignment exercise. However, before you uptake the new industry model, consider the following:
You may want to keep your teams informed about the new model and that they will get a notification of "companies now scoring > X". The new model will increase the number of companies with an Industry assigned to them and update the industry classification for many companies.
You may want to export a copy of your existing accounts and their scores. After you uptake the new industry model, you can compare your historical record with the new records that are synced. This helps if you want to know which account scores changed and by how much.
If it works for your scenario, you can use static lists to preserve your existing account scores. See Static Lists and Multiple Account Scores as explained in the next section.
Static Lists and Multiple Account Scores
Although it won’t work for every scenario, and it involves manual steps, there’s an alternate option to preserve your existing account scores by using static lists. Here’s one way to approach this.
Let’s say you have three different industry category account scoring criteria with three different weights attached to them. Each of these criteria is filtered by one (or more) industry category.
You can create a static list for each of the criteria. If the first criterion is Manufacturing, create a static list using Manufacturing as its only filter, and name it appropriately. Then, add a new account scoring criterion filtered by the new Manufacturing list. Assign it the same weight you had for the industry criterion. Repeat the same for the other two industry criteria.
Now you can either delete the old industry-specific criteria and republish your account score or keep them for comparison. If you want to keep them, you must use the new multiple account scores feature to create two criteria sets: one with the old criteria and one using the new static lists. Then you can conduct A-B testing to compare the scores from the new industry model versus the old.
If you have any questions or concerns about how to best leverage the industry classifications, or you want to learn how to make sure you’re getting the most of using these industry classifications in your territory alignment, account scoring, or your dynamic lists, please reach out to Oracle Support.
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