Embedded analytics, data products, data monetization, big data….there are plenty of buzz words we can use to “categorize” the idea.
IDC reports that the big data and business analytics market growing at a rate of over 11% in 2016 and at a compound annual growth rate of 11.7% through to 2020. This rapidly growing area of investment can’t be for naught….can it?
Let’s look beyond the hype at some specific approaches for extracting additional value (and ultimately dollars) from your data.
According to Gartner, Data Monetization refers to using data for quantifiable economic benefit.
The first thing that may come to mind is outright selling of data (via a data broker or independently.) Although a potentially viable option, with increased data privacy policies and the sheer amount of data needed to be successful with this approach, it can be quite limiting.
There are many other approaches to monetizing your data, such as: