Data isn't your business.It's just by-product of doing business.I know you want to get rid of those redundant data which suck up a lot of storage space.From years companies are known to pay extra to eradicate waste leftover from the production process.Times have changed, though. Through genius innovation, many entrepreneurs have taken what was once useless sludge and transmuted it into massive profits.
After yielding their finished product, breweries in the late 19th century were left with thousands of pounds of excess yeast and frothy liquid leftover from the manufacturing process. It was common practice to dump it all down the drain, rendering it useless, but German scientist Justus Liebig desperately wanted to find a way to make it edible. Seeing the vast quantities of wasted product that he could attain for free, he accidentally discovered that the yeast could be concentrated, bottled, heavily salted, and then eaten. He called his product Marmite. It ended up being a massive success in countries like Sri Lanka and Britain, and it was a mainstay in the cost-efficient rations of soldiers in both world wars. To this day, the company still manufactures over 24 million jars a year and is so popular that it has created a competitive market with other companies, such as Vegemite.
In Era of IoT and connected devices, companies are awash in data, but monetizing it is still a challenge for many.You don't need to be data company like linkedin or zillow to generate significant revenue from your data.Data monetization demands more than just technical talent.It's not about empowering your employees with new skills.It's Mindset shift.It won't happen until you consider data as asset and talk in terms Data,share the details about what kind of data you are considering to stakeholders etc.
There is no one-size-fits-all approach to data leadership.No matter what industry you are in, we can devise right business and technology adoption strategies to milk the most from your harvested data.
Key to Nedbank's strategy is a new commercial data service for clients, Market Edge. Nedbank's has unique blend of data like credit and debit card information with geolocation, demographic, and other transactional data which can help merchant to develop strategy according to customers behaviors; patterns that would have been difficult to identify without the new tool.Market Edge can also help merchant in inventory management, and set staffing levels by using consumers' transaction histories.
Chief Analytics Officer Spring 2017
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