Every organization holds thousands of pieces of customer data, with new information being captured and retained by the minute. But as we see the quantity of data increasing we are also seeing a noticeable increase in the value of that data, and companies are fast becoming more aware of opportunities to make financial gains from their own store of under-utilized customer information. Thanks to decreasing data storage costs, data insight and analysis continually becoming more robust, Big Data is changing how we do business. It has become valuable.
Finding the value of your data
However, in order to find your very own data monetization opportunities you need to first evaluate and accurately estimate the value of the information you hold. By determining the value it is possible to then maximize its revenue-making potential and to identify how you take raw data into a profitable marketplace.
As part of your initial evaluation take the time to assess how your data is stored and processed. Data isn’t much use unless it has been managed efficiently, structured and stored to enable insights to be quickly identified and extracted.
It’s all about technology: Data capture and analysis
Data technologies can be a significant help to companies working to maximize their data value, but first consider whether you have sufficient company data – and data of the right quality – to bring real results, and whether you are currently working to a business model that complements value extraction. By ensuring you have considered both points will position you well to make faster and more strategic progress towards realizing data monetization.
Three key elements to you data monetization journey
Establish data value
Ensure you take time to understand the possible value of your date by:
- Analysing consumer behaviour
- Identify who the data you hold belongs to
- Examine transaction histories and data sources
- Isolate unique data and anomalies
- Determine which of your data is accessible
Identify opportunities within the market
Commercialization of your data can feel like a complex task but in reality data will typically follow this journey: Raw data > Processed data > Insights > Presentation > Transaction. This is why it is important to remember that at every point within the data valuation process data develops clarity to reveal its true value and relevance within the business.
Target: action your go to market plan
You now know what data you have, where it has come from, and what its current value is. The next step? Determine how to commercialize a new data strategy. Key elements to address include:
- Anticipated value within specified markets
- Concerns around privacy
- Competency evaluation
Ambition brings results
New technologies continue to drive down the expense of delivering data monetization strategies and initiatives, making it a prime opportunity for any organization to introduce this new revenue stream to their business.
At ITCL we are specialists in data monetization, and can guide you through every aspect of the process, from data analysis and evaluation, strategy, business model development and alignment, and the successful roll-out of your new data ecosystem. Get in touch to discuss how we can directly help your organization realize its full potential.