If you have not thought about data monetization, the time to do so is now. Cloud computing has placed a number of data monetization opportunities within the reach of even small and medium enterprises. You can turn your data into dollars by adopting simple Cloud based monetization strategies.
But, before moving on to a discussion of what the Cloud actually offers, let us study the roadmap to monetization.
First, organizations need to gain an understanding of their readiness for the exercise. A comprehensive enterprise wide study of current data monetization efforts will be in order. The assessment should identify the nature of the data stores, and its importance from a business and regulatory perspective.
Second, the enterprise must be ready to fully exploit the data across silos and share information for the benefit of the enterprise.
Third, the organization must be willing to improve speed of access to information by doing whatever is necessary. (This process may demand willingness to subject the data to centralization, rationalization and de-duplication).
Finally, the data monetization effort must create an understanding of use cases with or without the help of external agencies. Benchmarks from the industry and performance metrics from other sources may have to be included.
It is clear that data analytics enables data monetization. Data analytics is the process of transforming ‘raw data’ into ‘data constructs’ that add value to business decision making. Data monetization is the next step. High speed Cloud based analytics tools and data discovery platforms can provide hindsight and foresight for innovative and predictive use of information. For instance, market trend analysis from multi-sourced data, stored in online repositories or in public data spaces (discussion forums, digital interaction media) can provide insights into customer preferences for possible real time customer engagement or create new sources of revenue. The downstream consumption of the results of analysis will result in decision making and consequent monetization. The advantage is that the enterprise is free to use the results of the Cloud based analysis without taking on the headaches of the process of analysis or worrying about toolsets, skillsets or mindsets.
Interestingly, Cloud service providers are poised to exploit the potential of Analytics as a Service (AaaS), and enterprises are gearing up to benefit from this trend. AaaS brings centralized, powerful analytics tools and SAS intellectual platforms to create a flexible cost model that is highly targeted and available on demand. Cloud based data analytics, today, hold out the possibility of benefiting from analytic reports (such as: Customer profiling and segmentation, customer retention, response modeling, profitability and fraud prevention, at the least) and converting your data into dollars.