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Data Monetization
Generate revenue from one of your most important assets – Data!
Today, executives are positioning their organizations to transform their business models by driving innovation and monetizing their data. Monetizing data allows companies to find avenues for additional revenue streams from data.
In addition to increasing operational efficiency, empowering your employees, re-envisioning how you engage customers, or transforming your product offerings, you can create new revenue opportunities through leveraging your data assets. The challenge ahead lies in figuring out how to adapt to new and ever-changing market demands. To meet this challenge, and leapfrog the competition, you must empower your customers, and internal data users, with innovative data-centric services and solutions.
Formalize Your Vision
A critical step in any successful data monetization is to formalize your vision and refine your marketplace niche. To achieve that, first, formulate a general use case by asking the following questions:
- Is my vision consumer-driven?
- What is the consumer benefit?
- What is the business impact?
Apply Advanced Analytics
It’s no longer just about business know-how and instinct. While that’s still important, innovation must be data driven. This change can be brought about by applying Advanced Analytics, which can further help in:
- Providing deep insights into customer behavior, operational efficiency, and business models.
- Providing cognitive services such as sentiment analysis, voice to text translation, and vision recognition.
- Automating decision making based on sound business rules learned from historical data.
Advanced Analytics may seem like a daunting challenge. However, the experts at Nihilent have developed a straightforward and repeatable process you can adopt to move forward with Advanced Analytics initiatives.
Using best practices gained through years of industry experience, our team of experts at Nihilent can assist you in developing your data offering and approach for monetizing your data to generate new revenue streams. We can extend the skills of your current team, assist you in driving your project to completion quickly, and support you in achieving your business objectives.
In short, we can translate your vision into your next great innovation.