Monetize your data – a mantra many companies are looking to implement to grow through data and analytics. Although companies are following the data monetization trend by launching data-focused businesses, only some achieve significant or notable financial impact. At which stage does this occur?
Data monetization must be aligned with a company’s data strategy. However, it must first begin with the realization that it’s not enough to possess data. The value of data comes from the insights it can churn out to optimize processes and grow a company’s ability to make decisions. It is at this stage that organizations struggle when data strategy is not rethought and not calibrated towards newer ambitions and to tackle the three barriers of culture, infrastructure, and procedure.
So, in what ways can data monetization be used as a method for growth or for new players as a first step toward turning insights into action?
There are three ways to make data do more:
1. Use data to optimize business – With faster analysis, intuitive dashboards, and governed data, companies can drive operational efficiency, improve employee satisfaction and raise the benchmark in terms of whom they compete with. Internally, effectively realizing the promise analytics and BI platforms make and using this information across the business will open up avenues that were not prevalent before.
2. Use data to address roadblocks – One of the biggest data challenges is being present in silos and fragments. Though many organizations have their setups to gather data, they need help bridging the gap between data and real-world problem-solving. This can be resolved by optimizing a framework that acquires data as and where it is generated and then designing operational and analytical technologies combined with AI to sift through the magnitude of data and utilize insights for better decision-making.
3. Use data to operationalize business value – Data can be gathered from internal and external sources; however, identifying use cases and revenue generation points where apt data use can lead to additional business value is essential. Companies can reap benefits at this stage only when internal operations are assessed, efficiencies and capabilities are identified before building informed predictive models and actively relying on “ecosystem level” data as a way of data commercialization.
How solutions by CLOUDSUFI are enabling clients to achieve more:
- Data Acquisition – Acquiring a wide variety and volume of data from several internal and external sources where data is generated by the millisecond.
- Data Transformation, Enrichment and Storage – Once the data is identified and ingested, it needs to be brought to a central point where it can be explored, cleansed, transformed, augmented, enriched, and finally modeled for use toward a purpose.
- Statistical and Heuristic Modeling – The models can be of different types using different algorithms, yielding different levels of accuracy in different scenarios. Often the best fit needs to be automatically selected based on the business scenario. Models need to be tuned and provide an environment for continuous feedback, learning, and monitoring.
- Visualization of Outcomes – This domain-specific solution accelerates the journey from data to insights to realizing business outcomes.
Achieve endless possibilities with the CLOUDSUFI Data Monetization Framework and derive data insights that will accelerate digital transformation.
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