Do you have a strategy for creating data products?
Companies are increasingly measuring and evaluating the economic value of their data assets. In addition to assessing the value of the data itself, revenue generated through new, data-based business models will also play a very important role in the future. As we see more use cases for data products and analytics services, more organizations are exploring data monetization opportunities and embedded analytics integrations.
Key findings covered in this report include:
- Analytics-based solutions and business models have shown incredible growth through 2018.
- A wide range of digital use cases and business models make data products and data monetization attractive to many types and sizes of organizations.
- Revenue generated through data and analytics-based business models is becoming a key indicator of digital success.
- Embedded business intelligence use cases and analytics integrations with IoT platforms have increased, as modern analytics functionality is one of the most success-relevant components of digital products and platforms today.
- Data science responsibilities are expanding into new areas, including the economic success of the data business and the technology that supports it.
- Analytics platform selection and “build or buy” considerations are driven by needs to connect disparate data sources, multiple clouds, and APIs.
“Data is the new oil.” This slogan is popular among senior managers when they are explaining the relevance of a data-driven digital strategy or corporate culture to board members, investors or employees. The phrase appears simple and clear, and rarely provokes questions. But actually, it’s a lot more exciting to answer questions like: How can this oil be extracted? How will it be transported? How and where do you refine it? And what does the business model look like? The same questions apply to data and the opportunities to monetize data assets within a framework of new data-driven business models and analytics solutions.
Read the report to learn more.