In cognitive computing era, new revenue generation stream has emerged with data at center of the modern digital business model. One of the key capabilities cognitive computing enables for an organization is the ability to generate additional revenue streams by using data effectively.
In the big data world we call it data monetization. The internal data monetization has already done amazing job at transforming business in all verticals by improving customer experience, enabling more personalized marketing and sales, deterring fraud and so on.
The emergence of big data has shown to transform professions and industries. We are seeing big data doing wonders with cost optimization and enhancing customer experience. We are increasingly seeing a growing trend among our customers to create new revenue streams with big data. Customers ranging from banks, telecommunication providers, energy and utilities companies and retailers have potential to earn new revenues from the vast amount of data they hold. Each of these businesses are experimenting with different ways to monetize the value of the data they gather during their normal operations. Each are expecting to make considerable revenues based upon the difference between the cost of collecting and storing the data, and what the insights and outcomes can be sold for.
As per the McKinsey Global Institute report on“Big data: The next frontier for innovation, competition, and productivity,”big data can create as much as $700 billion in value to consumer and business end users. Capturing this value will require the right enablers, including sufficient investment in technology, infrastructure and personnel as well as appropriate government action.
Before you embark on journey to make money out of your data. It is important you profile your target customers, verticals and their parameters for success.
Case in point is telcos targeting retailers and mall operators with insights aboutanonymous movement of people throughout the property and surrounding. Delivering store or business catchment analysis based on real behavior, not just proximity to your location.
Data monetization is much more than just storing and selling the data. Data monetization is about making revenue out of data enablers like insights, outcomes and partnerships. Companies can benefit from a centralized Data Science team that partners with the business and potential customers by identifying data that differentiates, exploring use cases to solve, and helping to jumpstart business teams.