Data monetization means generating more and more profit from Big Data. Today, every business owner is trying to focus on Big Data to get values from it. These values help them out to make business strategies and increase ROI. By the analysis of the data, organizations come to know more about their customers, vendors, and their behaviour, pattern, etc. This information helps them to make their strategy according to the needs and demands of the customer – effectively serve the entire stakeholders better.
A Big data related survey on July 2015 showed that 60% of CEOs around the world now use data analysis to run their decision making process.
In July, 2015 an Economist Intelligence Unit survey surveyed upon 600 CEOs around the world and of different sectors about the use of big data in their organization. This survey showed that 60% of CEOs across the globe now use data analysis to govern their decision making process. 75% of them was ready to accept that their organization should be data-driven. 90% decision was better in last three years when they had made it after analysing the different and relevant information. 42% of CEOs was facing difficulties while dealing with unstructured data. This survey result is enough to make things clear – Big Data is how much important.
Every company is trying to monetize data in different ways. Here, there are 7 ways that can look at data monetization.
Look at your business – various data sources– Take a deep breath and find all sources of data within your organization. There are always some data which won’t be used by the organization due to different reasons like highly unstructured but if you are capable to analyse those data
Search potential application of the data – Let us not leave any data sources unturned. Today, technology evolved a lot and there are various ways and means to convert any structured and unstructured data in to meaningful. So, look at data sources and try improving the way business run, customers are treated, vendors are considered, etc.
Assemble the right team– For analysing data you need to have a well organised and skilled team. Monetizing the data is mostly depending upon the analysis result and ability to generate insight out of data. So, get the right people on boat.
Look for your company size– For monetizing big data- size of your company also matters. If your team size is small, then look for a vendor who can help monetizing the data.
Analytic skills- Your team need to have good analytic skills because big data not just about the size of data it is all about converting the data – identify hidden pattern and leverage them for decision support. Also, experience in working on different big data tools and technology regarding the analysis of data is one of the important way to monetize big data.
Look for the patterns – identify and prioritize areas to monetize. Here patterns refer to the type of data and hidden pattern. While analysing data, similar pattern to be analysed in separate attempts. It can save your time and effort and you can expect more benefits from the data.
Leverage internally or sell the data to external parties– On which role of big data analysis your company is playing. Here the ‘role’ refers as a consumer of data, an aggregator or a creator of new data product. Which one will suit better to your organization go for that, it will help you lot in monetizing big data.
Data by nature may not be helpful unless processed. Data in a proper context make sense and provides information. 10rs doesn’t make any sense but 10rs for a ‘Dosa’ in Kerala in 2015 make sense and also gives an information. Same story is about Organization data too. Those unstructured data never going to help you to make profit but putting those data in a proper context can help monetize.