Data Monetization

Data monetization is the collection and packaging of data insights for delivering best in class outcomes as well as creating new opportunities to insulate a brand, whether it be via services, products, brand experiences, technical IP, etc. Monetization is about solving problems, driving action, and creating solutions that provide unique capabilities with high utility value that customers would not otherwise be able to generate on their own.

Monetizing Big Data

The wealth of data at organization’s proverbial fingertips, means there’s also a wealth of opportunity to generate more revenues with insights from those data sets. Monetizing big data requires gathering, mining and modeling data, then turning it into growth-driving initiatives. The types of revenues you can realize from unpacking those rich data sets allows you to establish a much larger, data-centric strategy for organizational growth.

Data Monetization Requires Root Cause Analysis

When it comes to growing revenues from your data sources, experience shows that gaining a wider perspective of what’s happening inside and outside of your organization can help find new opportunities. It’s with this expansive view that you can start to pinpoint specific, root-cause areas of opportunity.

Once those opportunities are found, you’ll be better equipped to understand the key ROI drivers and monetization opportunities for your business.

The Benefits of Data Monetization

Monetizing your data lends itself to more actionable insights, more personalized interactions, better employee experiences

Actionable Insights

Data provides insights that, when combined, can steer your teams in the right strategic direction. The more you can understand where your team can most effectively take action to grow revenues, improve experiences, and speed time-to-delivery, the better you can take that data and turn it into a strategic business plan.

Personalized Experiences

Consumers today demand a personalized experience. They expect that organizations will use the data they have to eliminate friction and create a seamless journey. Data monetization strategies allow organizations to grow revenues by using data to increase retention, and thereby increase the lifetime value of the customer.

Bigger Employee Buy-In

When employees have a more empathetic and deeper understanding of the end customer, they’re better able to see the value of their work and the purpose behind their role. This improved buy-in allows employee satisfaction levels to rise, which has a direct impact on retention, both internally and externally.

Customer Experience (CX) Terms

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