4 Ms of Big Data: Big Data Means Data Monetization
This is Part 4 of a 5-Part series. Be sure to view the rest of the series below.
The fourth part of the “4 Ms” of Big Data (“Make Me More Money”) infographic series focuses on how Big Data can create new monetization opportunities. Start by using Big Data to optimize your existing key business processes and save money. Then make use of the resulting customer, product, and operational insights to uncover new monetization opportunities. Data monetization lets you turn your insight into customer, product, and operational innovations to drive bottom-line results. Here are just some of the ways that Big Data can help monetize your data and transform your business:
- Repackage and resell insights. Use Big Data to provide a new perspective on your existing products, customers, and operations, helping you identify new opportunities to repackage and resell your insights to create new revenue opportunities.
- Create “Smart” products. The customer, product, and market insights you glean from Big Data fuel new levels of innovation. Create “smart” products: products that self-diagnose, self-customize and even self-heal based upon the user’s usage behaviors.
- Create a more compelling customer experience. Big Data tells you what your customers want, so you can make changes to ensure both a better experience for customers, as well as easier, more effective ways for front-line employees to engage your customers.
The infographic provides some factoids about how organizations are monetizing data:
- By developing systems that can detect potential collisions, the automobile industry is creating a potential savings of $100 billion annually in accident reduction
- A new wave of innovation could boost global GDP by $10-$15 trillion over the next twenty years by applying the powerful combination of more intelligent machines and advanced analytics to how people work
- 30% of U.S. online consumers say they are already using (or would like to use) a device to monitor and adjust energy usage in their home.
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