Monetization of Analytics Data

Data is not just new because of its size; it is new because it is not possible to analyze it using common methods. Analytics are necessary to profile big data sets. For organizations to become proficient, they need to understand the personality of analytics. This would not happen without building analytical capacity. Analytics will smooth the way toward data monetization.

These days, a lot of people log on to the Internet, allowing organizations access to more engagement data. But if an organization does not have trained data analysts to modernize the way data is collected, stored, and analyzed regularly, there would not be any business rewards. Organizations are now eager to figure out how their business can be driven forward to create new strategies while increasing their income and growth by overcoming biggest dilemma associated with data monetization.

Among the major questions, they ask their service providers are around how they can trace the risks and investments needed to build a data monetization strategy. These organizations either struggle between understanding how to invest raw data for distribution and handling the sophistication around analytics or data processing.

In today’s digital world, data is more readily available and easily got, than before. With the potential to track most customer interactions and transactions across devices and channels, organizations are looking at and leveraging their data in new and innovative ways. And these companies are becoming increasingly mindful that they are sitting on massive amounts of under-utilized data and seeking ways to increase its value. The conditions for data monetization are ripe: large volumes of structured and unstructured data; lowering storage costs; data-driven advertising campaigns that create relevant customer experiences; and boosting business intelligence and processes by applying data analytics.

Analytics is currently making customers’ lives easier and building a more happy and loyal client base. It also allows organizations to maximize the variety and volume of their data, enabling them to conveniently access, enhance and de-identify data sets to be packaged as a new data service offering for their customers. In the absence of data analytics, organizations are actually blind and deaf, roaming out onto the internet like deer on a freeway. These words lay stress on the importance of analytics when it comes to helping decision-making and driving profits.

So, with this reliance upon analytics and data, monetization of data is no more an improbable reality. There is certainly still an excessive amount of unexplored information in customer feedback comments, video footage, conversations on the social media, and locational GPS data, which needs to be studied and put into use. Innovative and nimble approaches to applying analytics to data will surely bring in loyal customers as well as generate higher revenue without downturns.

Nevertheless, organizations seem to harbor many individual data stores thereby it hard to access data for monetization purpose. In the process of monetizing data, acquiring an external perspective is essential. Benchmarking of other organizations and effective data monetization approaches can help in framing new ideas and gaining valuable insights. Though, transforming data into actionable insights and generating new revenue streams is a challenge. However, data monetization has opened eyes to the idea of analytics as a strategic capability, beyond basic financial analysis, reporting, and basic marketing optimization.

Analytics has unveiled how incredible data deluge can be when tracked at the right time. In the long run, it all depends on how you are turning data into information, and information into insight. So, it is up to you, will you indulge data as an opportunity and invest, or will you allow it to go musty? Roll up your sleeves now and start planning a strategy and carving a vision around the monetization of data and analytics.