In the enterprise world, nuggets from data have been laying the path to intelligent decision making – data and decisions are now looked upon as the two sides of the same coin. That’s not all. The enterprise quest now rests on extracting more value from data, with data being looked at as the ‘new currency’. Not without reasons. Leveraging data monetization, enterprises are engaged in transforming this valuable asset into currency. The potential of data is now being tapped to spearhead monetization initiatives and efforts.
Scenario prompting Data Monetization
Sample this. An organization generates data while catering to customer needs at various touch points. With the organization catering to varied customer needs by way of different service lines, there is no dearth of data flowing from customer interactions, transactions and activities. Data is everywhere, with services being promoted independently. This then becomes the hurdle that the organization wants to cross to maximize value from data.
The tough ask is how to maximize value from this constant data flow. With data being stored in disparate systems, the organization was also losing out on the customer 360-degree. That was when the organization lay the groundwork to promote the ‘Single Source of Truth’. Leveraging data integration and infusing analytical power, the organization accelerated the journey from disparate data to intelligence and then on to profitable actions. The cream of this transformation was tied to the ways that would enable the organization to derive maximum value from data by creating a swell in the existing revenue stream.
Data to Intelligence
The organization now has comprehensive details of customers. If a customer was regularly making use of a specific service, there were also the signs of interest shown by the customer towards other service lines. Understanding the customer journey and preference gave the lead for the organization to know how a customer is frequently using a specific service, what products create interest among other valuable information.
Intelligence to Data Monetization
With that nugget in hand, the organization rolled out targeted campaigns after pinning down customers’ areas of interest and preferences. The customer 360-degree emerged as a winning weapon in the way it helped the organization to target customers with the right offers, evoke positive responses and improve customer profitability. Disparate data had finally paved the way for the organization to extend its revenue streams and enable positive bottom-line outcomes.
For enterprises, data and more data means that there are more opportunities to monetize data. With data monetization coming good to create the surge in the bottom line, enterprises also embrace other ways to monetize data by creating new products, services, new business lines, reducing cost and improving efficiency.
Saksoft offers solutions to help customers monetize data that they already own. We have helped a film institute based in the UK to monetize data thereby creating additional revenue stream for the customer. With years of experience as Information Management consultant, we have helped organizations to make decisions based on data.