Is there untapped value in your data?

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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:

Why your data product needs a good elevator pitch

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In recent years, a term started appearing across the technology world: “data monetization,” turn your data into dollars.. (as we mentioned in a previous, post, you can Find Gold in Your Data!) Businesses reacted to the hype, started spending on every solution under the sun and then… Nothing. Nada. Zilch. In many cases the revenues never materialized, buyers became frustrated with the lack of results and blamed the whole concept of data monetization. The problem is, you’ve got to avoid certain mistakes... and they’re silent killers.

In truth, data products are a great opportunity for most businesses to engage customers and create new streams of revenue. Untapped, dormant data can, when refined properly, become a crucial resource for your company. Fortunately, we’ve worked on many analytics projects ourselves, have seen these mistakes made and have put together a guide to help you avoid making them yourself.

To provide some quick insight, we thought we’d share one of the tips we’ve found most helpful when starting to create an analytics product.

Creating an elevator pitch

Find Gold in Your Data

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"Data Monetization" is a term you might have heard a lot lately.  But what does it really mean for you and your business?  There is gold in your data, but how can you extract it to gain all its benefits without adding resource burdens on your business?  We collected the main approaches successful companies are using to give you inspiration and insight into how you can use data you already have to improve efficiencies, create new revenue streams or increase value and hence your wallet share from your current customer base. 

Use data to make better decisions

It is not always about the big, earth shaking decisions. What if we can empower our employees to choose better paths in incremental fashion? Which ad to place in an available space? How to utilize remaining capacity on a shipment? Those items may each mean just $50.00, or $1,000.00. But people can be easily making 50 decisions like that per day.