Monetizing Data
Analytics
Monetizing data
is the process that turning data into money which can also indicate to data
used as a product or services enhancement or bartering device. Other definition
of data monetizing is generating revenue by using available data sources or
data that streaming in real time by discover, storage, capture, analysis and
use of that data.
Companies
realized that having huge amount of data becomes very valuable assets. They
have been looking to ways to increase that value of data. There are some
conditions for monetizing data: having huge amount of structured and
unstructured; decreasing costs of storage; create relevant customer experiences
by using marketing campaigns that depends on data and finally applying data
analytics in order to improve business intelligence and processes.
Companies need
to understand their data to know the value behind it. Data is stored in
different forms such as texts or posts in social media. whenever data is easily
accessible and in a scalable format, companies can easily get advantage of it.
Also, companies need to ensure that their data is structured in order to
extract marketable and relevant perceptions.
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