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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.

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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. 



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