Monetization of Analytics data

Monetization of data is simply the act of earning revenue from multiple stages of data processing; this includes capturing, storing and analysis of the information. Data that is gathered is required to have benefits for the stakeholders involved, individuals need to have an objective in mind for the purpose of the information and the positive impact it will create at the final stages of being analyzed. Customer data is valuable because it is the key source that drives customer relationship management, companies are aware that customer satisfaction is important for businesses to attain profitability.

Data Needs

As the amount and different types of data grows enormously, it has a positive effect on more opportunities that become present. To take advantage of data monetization potential and to ensure results companies will need to make an assessment on how valuable the data is and the value it has to make it a marketable product.  Data has to be understood to establish where the value lies. Data that is logged through multiple sources like social media and other tracking networks are abundantly available. This makes the case that data has to be structured which allows relevant information that gives insight of the present and future performance of a business. If data is not in the correct format then it is useless and becomes a dilemma for the owner of the information.

Skills

The question on how data is monetized may not be easy to answer. It is different from having a tangible product on hand, which can be placed on an open market for sale. We are talking about specific information about people’s reaction and pattern to certain events for example shopping styles, payment patterns site visits etc. With the huge amount of data that may be available, the need for individuals with the right skill set is required to analyze and figure out what the information represents. Skill set is important and according to Innovation Enterprise “You also need people with the right skill sets to use this technology. This includes data scientists and technicians capable of ensuring the data is clean and consistent, as well as building, testing, and running the analytical algorithms and predictive models that will produce insights. They can also review current and potential systems/applications that show the potential to be monetized. The sales team will also need to be trained up in how to sell your data products.” https://channels.theinnovationenterprise.com/articles/are-companies-ready-to-monetize-their-data

Those Goals

Getting the right data means that the person has to initiate a set of goals that they intend to accomplish so there is value in the information received. In a previous blog I wrote about the importance of having goals in getting data and   the importance of what you are looking for. A goal in data analytics covers a wide range of areas and there has to be specific objectives in mind. The area of measurements that may be beneficial in monetizing data would include but not limited to Goals can be applied to specific pages or screens your users visit, How many pages/screens they view in a session, How long they stay on your site or app, and the events they trigger while they are there. The information extracted from these reports can be valuable because it tells a story of how a consumer is interacting with a product or service.

Data Partnership

With the internet and technology being involved with our lives it makes it easy to gather and share information. Companies can actually sell data to each other especially in the case where the businesses co-relate. For example a credit card company can share data about customers with retail outlets to trace and Mapp cardholder information to household info; or travel agencies to track customer routes and e-commerce firms to provide better real time offers for payment options. In each case the commonality is that the data gathered has the potential of creating more opportunities for other firms.