Are you leaving a data monetization opportunity on the table? Learn about present opportunities and challenges of data monetization, see which industries and use cases are thriving, and review important considerations if you’re planning to monetize your data.
Additionally, learn how an embedded analytics business intelligence solution can help bring success to data monetization efforts. Whether you’re creating new data products or delivering data as a service, a modern, white-label analytics solution may offer the capabilities you and your customers need to get the most value from your data.
- More and more, businesses are recognizing the value of the data they are collecting. In our age of digital transformation, the revenue generated through data and analytics-based business models is becoming a key indicator of digital success.
- There are plenty of opportunities and use cases for monetizing—from benchmarking and profiling customers to customize experiences, to credit scoring, fraud detection, analyzing purchasing and ordering processes, and more.
- Companies who monetize their data often see incredible benefits beyond additional revenue streams, including entirely new products, services, or business models, and increased product engagement and customer loyalty.
- In spite of rich opportunities, many organizations with valuable data have yet to monetize their data. Some of the greatest barriers include data quality issues, data privacy and regulation challenges, and a lack of management support.
- Modern analytics platforms can provide many helpful capabilities for data monetization, including data preparation, integration and deployment flexibility for faster time to market, and interactive visualizations that give users the ability to ask and answer their own questions.
- Embedding Tableau analytics into six BI products that contributed to a multi-million dollar revenue stream, one customer was able to reduce their prototyping and report building time by months, while increasing the customer engagement with their differentiated products.
Dive into our SlideShare to see more, including statistics from a Business Application Research Center (BARC) data monetization survey.