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Why Data Could Be Your Newest Revenue Stream

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Why Data Could Be Your Newest Revenue Stream

The closer you look, the more you’ll find that advanced analytics of big data is intimately tied to big money opportunities for companies moving forward. According to Louis Columbus at Forbes, cloud-based business intelligence is projected to grow 31% between 2013 and 2018 from $.75B to $2.94B. This means data insight itself is becoming the newest profitable asset.

What is data monetization?

Turning data into revenue is called “data monetization” and a new report from CITO Research confirms that it presents a compelling new business opportunity for virtually every company. “Today, analytics tools enable agencies to ‘productize’ their expertise and transform it into recurring revenue streams that continue to deliver revenue even after billable hours end,” states the CITO report.

“Data monetization, in effect, puts your data to work for you.”

CITO Research

According to CITO, “Any company can make money capitalizing on the information on which it is an expert. With the onset of big data, companies can tap into and learn more from data than ever before.” That big data includes “internal” data about customer buying behavior, product usage, the supply chain, sales, and marketing campaigns. It also includes “external” data like social media data, competitive data, marketing trends, and other data from outside the business which is becoming increasingly available to businesses.

How do you turn data into money?

We recently published and released a best practices guide designed to help companies build data-centric products and create new revenue streams with embedded analytics. The new handbook, The Ultimate Guide to Embedded Analytics, provides step-by-step instructions for successfully launching analytics-based offerings.

“Winning companies today know that weaving data and analytics into their products is a game-changing strategy,” said GoodData CEO and founder Roman Stanek. “We’ve seen this with our earliest customers, like Zendesk, to our newest customers, like Autopilot.”

“Companies that see true success with analytics don’t just collect data; they productize data and become data companies.”

Roman Stanek
GoodData CEO and founder

The Case for Jumping on the D.M. Bandwagon

As the experts at CITO stated in their recent report, “For today’s companies, the advent of big data and analytics platforms makes it possible to transform expertise into new products and services that provide a billable subscription-based revenue stream that continues to produce income outside of billable hours.”

“In effect, every company is a data company, and if you’re not, you’re not going to last.”

CITO Research

As more companies choose to monetize their data, those that choose not to risk being left behind. At GoodData, we don’t want you left behind.

“Designing data products and bringing them to market is no easy task,” cautions Kevin Smith, CEO and Co-founder at NextWave Performance. “I’ve built four different data products with GoodData, and I depend on them not just for technology but for the strategic guidance they provide around bringing data products to market.”

Contact us today to learn how we can become your analytics ally to help you jump on the “Data Monetization” bandwagon sooner than later, and keep your customers happy while creating new revenue streams for your business.

Written by GoodData Author  | 

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