Most organizations have some data and drive different levels of business process improvement and strategic decisions with it. However, few use data to the fullest. The right approach to Data Monetization can uncover limitless possibilities including:
Enterprise data, when coupled with external data to enable a 360-degree view of the customer, enables a plethora of customer insights that can be actioned to not only improve customer experience and lifetime value but, also increase revenue by better cross and up sell. Better customer centricity leads to more revenue, within an existing product portfolio and market.
Enterprise and external data when mashed up to generate actionable and real-time insights optimize existing business processes ensuring higher efficiency and increased profitability.
In its highest level of maturity, data monetization enables enterprises to create new revenue opportunities with new products, services, productized services, and markets. The business models can be – enriched data as a service, transformed insights as a service or applied data as an application, product or platform. Here, the value of data, and the business model, grows with increasing volume, variety and adoption.
At CLOUDSUFI, we have blended the agile approach of product engineering with the economic principle of time value of money to create a data monetization process – CLOUDSUFI TVD™ (Time Value of Data).
TVD™ involves an iterative evolution of the following steps until the objectives have been met.
This includes looking at all data sets available internal and external to the enterprise, both structured and unstructured, both synchronous and asynchronous. The assessment leverages techniques like triangulation, aggregation, privacy preservation and frame of reference to determine which data sets provide value and where additional data sets may be needed.
Internal – for the use cases of customer centricity and operational efficiency, the buyer is usually an internal team within the enterprise.
External – use cases of new revenue streams leverage the external ecosystem. In this case, the business model of raw data, enriched data, transformed insights and applied insights become relevant and bring more value as we move from raw data to applied insights.
In order to meet Data Monetization objectives, it is essential to make the process and data quality to be consistent, accurate and available in real-time. This requires automation of the centralization, collection, transformation and journey of data from raw data to applied insights.
Sensitive data needs to be adequately protected and anonymized with strict compliance to industry and regional data protection laws.
CLOUDSUFI TVD™ provides the industry with a structured framework towards approaching a Data Monetization problem. Our Distil™ and Data Supply Chain services provide the needed business process and technology levers that enable quick deployment and increased economic value from Data, pretty much, immediately.
For our customers, CLOUDSUFI TVD™ ensures that you get the most value from your data by maximizing profits, reducing costs, and enabling new business opportunities, thereby bringing in: