Data Monetization

Gathering and storing valuable data relevant to your business activities and decision-making processes is increasingly easy to do as technology continues to develop, but is your business monetizing that data fully? At UseREADY, we help our valued clients identify effective technologies and improved processes that promote superior data monetization and all of the accompanying benefits.

Why Data Monetization Is Essential

Big data is a true asset to your organization. However, unlike other static, physical assets, data is ever-changing. When analyzed effectively and in real-time, your company can obtain incredible insights that are essential for savvy decision-making, forward-thinking developments and enhanced processes. Through effective data monetization, your business is better able to:

  • Extract the full value of data collected until that data is no longer relevant or useful
  • Maintain a level playing field or tip the field in your favor
  • Maximize revenue

Essential Components to a Solid Data Monetization Strategy

While each business must create a customized data monetization strategy tailored to its specific operations, data sources and goals, commonplace pillars for strategy development remain. As you prepare to update your data monetization strategy, ensure that these vital components are in place:

  • An effective data analysis process
  • A solid organizational design
  • Superior talent-management methodologies
  • A focus on acting strategically on data-driven insights

Common Data Monetization Models

Understanding some of the more common data monetization models in practice today may help you to understand how these models could impact your operations. While some businesses wholly adopt one model, others combine fragments of several models together. These include:

  • Return on Advantage: external demographics blend with internal data to create a strategic advantage in the marketplace
  • Differentiator: data is analyzed and used in such a way as to create a premium for the customer, thereby driving brand loyalty or promoting the sale of value-add products or services
  • Syndication: once collected data has been refined and analyzed, it is sold to a relevant third party
  • Premium Service: user data collected is used to provide a premium service to the customers, such as with a specialty service available with a monthly subscription

Improving Data Monetization in Your Business

Your competitors may already be looking for or using new data monetization avenues, and your business may be left behind if you fail to act. The first step is to create an improved environment for superior, real-time data analysis. By reaching out to UseREADY today, we can:

  • Improve your data storage structure and analysis platform
  • Create a user-enabled environment
  • Enable easy access to insights that drive data monetization

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