msftone_blog37-100593898-primary.idge

Memo to CIOs: Cash In On That Data!

Memo to CIOs: Cash In On That Data!

 

Many industries are awash in data data that could be worth lots of money, if you only knew how to wring dollars from it. Genscape pulls information from a network of thousands of wireless devices around the world to track and analyze the flow of energy throughout its supply chain for example, the volume of oil in pipelines or in storage tanks, the location of power plant outages and even the chemical composition of smokestack. U.S. and European energy companies rely on the resulting information to make timely market decisions.

Genscape pulls information from a network of thousands of wireless devices around the world to track and analyze the flow of energy throughout its supply chain – for example, the volume of oil in pipelines or in storage tanks, the location of power plant outages and even the chemical composition of smokestack. Key to the process are several Microsoft Azure services, including Azure Machine Learning for advanced analytics, reporting and visualization. U.S. and European energy companies rely on the resulting information to make timely market decisions.

Read Also:
Data scientists must see the story behind the data [video]

Although the process of exploring the uncharted territory of monetizing data is different for each company, several best practices emerged from the MIT session. Here are six:

As Genscape and State Street Global Exchange have shown, it’s possible to generate new revenue streams and build entirely new businesses from vast amounts of data that are just waiting for the right combination of analysis and initiative. 



Data Innovation Summit 2017

30
Mar
2017
Data Innovation Summit 2017

30% off with code 7wData

Read Also:
Location Analytics: The Missing Component in Retail

Big Data Innovation Summit London

30
Mar
2017
Big Data Innovation Summit London

$200 off with code DATA200

Read Also:
Scala, the Language for Data Science

Enterprise Data World 2017

2
Apr
2017
Enterprise Data World 2017

$200 off with code 7WDATA

Read Also:
Data From Your Home Could Cut Insurance Costs

Data Visualisation Summit San Francisco

19
Apr
2017
Data Visualisation Summit San Francisco

$200 off with code DATA200

Read Also:
Are You Prepared for the Top Three Compliance Issues?
Read Also:
4 Reasons Your Machine Learning Model is Wrong (and How to Fix It)

Chief Analytics Officer Europe

25
Apr
2017
Chief Analytics Officer Europe

15% off with code 7WDCAO17

Read Also:
Can Cloud Big Data Analytics Fix Healthcares Insight Problem?

Leave a Reply

Your email address will not be published. Required fields are marked *