Written by GoodData Author |
Whenever Halloween approaches, we data analytics guys like to pull aside the curtain and show how predictive analytics really happens. We unplug those fake computers, break out the crystal ball and Tarot cards, and prove once and for all that we really do have supernatural, psychic powers.
Ok, not really. As business analysts who enjoy making our living strictly by the numbers, though, we think making predictions using math and statistics is just as awesome, and way more dependable. Because this time of year is prime forecasting season, we’re ready to make a stunning prediction your business can take to the bank! Literally. It’s called data monetization.
Our practice receives hundreds of inquiries through our web site each year for our services that span all facets of data analytics. These queries involve everything from assessments and strategic roadmaps, to building architectures and developing analytics, all the way to providing centralized data governance and managed services. During 2015, one big trend has emerged as the clear winner in the past six months—from business enterprises asking for help with their data monetization initiatives.
Based on our own in-house data analytics, we’ve gained critical insights in past years that have helped to advance new approaches to employing big data that, overall, have successfully played out over the next year and beyond. For 2016, data monetization is viewed as the golden ticket that could give enterprises the most bang for their technological buck.
In many ways, data monetization’s popularity is a fairly obvious calculation. The organizations we work with have figured out by now that they already have much of the infrastructure AND the necessary data assets in place to quickly develop and implement new revenue streams. One of data monetization’s key advantages is that it can yield higher returns because of its low investment factor that stresses the utilization of existing resources.
In data monetization all data is fair game. Thinking out loud, location-based marketing and sales data, retail sales data, and social media data can all be used to build recommendation engines that respond to specific customers’ buying preferences. Add to that mix proven business models, which can be monetized for specific industries that improve IT processes, including cleansing and enriching data, supply chain planning, and inventory planning, to name a few.
Businesses view data monetization as a long-term proposition that can help their organizations tack in another direction as their industry landscapes shift. Without a doubt, firms are finding ways to sell their hard-won business intelligence. The key is working within the confines of existing platforms or exploring low-cost cloud-based platforms if current infrastructures require support. A market opportunity analysis, followed by proof-of-concept exercises and a well-thought out execution plan can guide businesses toward the most effective strategy they’ll need to realize their data monetization goals. In terms of all the novel ways companies can profit from their raw data, processed data, public data, behavioral data, purchasing trends, and more, the possibilities are endless. Fortune tellers and psychics need not apply.
Written by GoodData Author |