Exploring Data Monetization
Swamped with data. That is the unsaid fact for most organizations but definitely a reality for your organization as well. The data source can be from web traffic, Customer Relationship Management (CRM) or even the point of sale systems. Regardless, the real question is what can be done about it?
Data and people are two of the greatest assets of your organization. A greater appreciation of both should move your organization to connect and convert the ever-increasing volumes of data into revenue generating actions. The challenge is to move from being reactive to proactive.
Here’s how it becomes possible:
1. Gain Insight
It all starts with collecting data from sources. Say for example about how customers use its products. Your organization should be able to collect, store, manage, share and use that kind of data. You can then define immediate and long term goals to leverage your analytics capabilities depending on allocated resources, budget and timeline.
2. Make Decisions
Data analysis must first take place before making any decision. Would you be able to use a single metric to make a decision? Is there unnecessary data that needs to be deleted? Developing a ‘data story’ becomes necessary here to be able to make crucial decisions.
3. Predict Future Outcomes
Identifying the data model comes next. Predictive analytics help provide real time insights into your organization’s activities and anticipates various types of behavior and patterns. Implementing the model chosen will help generate and develop an algorithm that can provide precise and fast actionable intelligence. Data visualization in an interactive dashboard will then enable your organization to accurately predict future trends.
Data Monetization is no ordinary feat. You will need help in connecting and transforming data to gain insight, make decisions, predict future outcomes and ultimately monetize them. Request a demo and let Zedvue take you on a guided tour. Let it help you discover its rich feature set and ease of implementation as well as answer your questions.