Come on Data, Show Me Love!
Is your organization generating some love from your data this Valentine’s Day?
Data analytics has the potential to shower an organization with much more than a bouquet of roses this February – if given the chance.
It’s time for organizations to begin building a long-term relationship with their information assets and tap into the extraordinary potential of data. One increasingly popular way to achieve this is via data monetization.
While social media, the Internet of Things (IoT), and other innovations certainly pose some data management challenges, they also provide new opportunities for companies to harness information for competitive advantages and increased efficiency. So how can organizations utilize these new opportunities? The answer lies outside of the firewall, in providing customers and partners with data, preferably encapsulated within a rich, interactive information application.
Here are ways for organizations to monetize their data:
- Sell it, or charge a fee for the ability to access and analyze it
- Identify opportunities to increase efficiency or reduce waste within processes and operations
- Provide it to stakeholders, empowering them to leverage information to generate more income or increase profitability
- Find ways to reduce customer attrition, and/or Identify up-sell or cross-sell opportunities
Of course, data monetization projects can only be successful if the data at hand is shown a little love before being analyzed. It’s essential that companies leverage data integration, data quality, and master data management (MDM) best practices at the outset of any project, especially when given the plethora of data formats and sources at play.
Accuracy and data quality are only a portion of the equation for data love. Once it’s ready for analysis, insights must be delivered based on the preferences of the audience segments to ensure they are fully leveraged.
The challenges and opportunities for data monetization will only increase as more technological advances and streaming data sources emerge. That’s why it’s a critical time for organizations to begin to truly make the most of their information assets and investments. Feel the love this Valentine’s Day by making data monetization a priority.
Thanks for your time today.