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Using Big Data to Create New Revenue Streams
- February 10, 2016
- Posted by: Admin
- Category: Blogs, Business Analytics & Dashboards, Internet of Things (IoT)
Big Data is truly the greatest new asset for businesses. Companies in a variety of industries leverage Big Data to derive critical insight into their overall performance and value to make better decisions. These decisions are made to optimize processes, lower production costs, change pricing and more. But what about the customer? If this data can be used to improve all aspects of the business, can’t it also give relevant insight to the end user?
Any executive would be willing to pay a premium for the ability to make quick, informed decisions derived from real-time insight. This opens up the possibility for many companies to create new revenue streams using data that is already being collected and analyzed internally.
The reason Big Data even exists stems from the increasing ability to collect it. A data collection world that once drew solely from PC’s now finds itself gathering from mobile phones, sensors, thermostats, smart cars and much more. The Internet of Things (IoT) is revolutionizing how much data can be collected and monitored; virtually all industries and organizations can now get in the big data game. The challenge creating value with all of this data lies in how it is organized and presented to create insight. Big Data Insight Solutions are already being implemented and used by companies in every industry; however, not all see the power of data as a new revenue stream opportunity yet.
Steps to Creating New Revenue Streams Using Dashboards
The idea of creating new revenue streams using Big Data is not constrained to one single industry or vertical. In fact, it is not even reserved for merely B2B or exclusively B2C organizations. Use the simple process below as a guide to find out if your data is ideal for repackaging and resale to clients.
- Collect Data and Use Internally
Before offering data insight to consumers, an organization must first be collecting data and analyzing internally. Collecting the data may be done by using a Connect Platform that enables connection to devices, API’s, Databases…etc. It also could just be integration of existing SaaS Solutions or IT Systems. Once data is being collected, build executive dashboards and data aggregators that allow you to monitor, learn and make business critical decisions.
- Can Your Data Produce Value to the Customer?
Review the types of data you are analyzing internally and think about whether or not your customers could gain valuable insight from the same data, especially if it were packaged differently. The value may not show itself immediately, so make sure to keep an open mind and be objective. The greatest values will most likely be uncovered in the next step.
- Share Data Insights with Test Customers
Sometimes the best results come from market research. Identify an ideal client or group of clients, and share your internal data solutions with them free of charge or at minimal cost. Explain what types of data sources and insights produce value to your organization and brainstorm on how this data could create value to them.
- Create and Listen
Begin creating dashboards and executive views specific to each or all consumer needs. This time there should be a fee involved. If your internal dashboard solution contains customization and personalization features, use them to allow customers to view only what is necessary in a tailored, branded manner. From there, users will never cease to provide feedback and request new visualization types and add-ons. Make sure to listen to this feedback as it will drive innovation and even more revenue streams.
The first step of data monetization is finding the value of Big Data within your own company. When the data’s value is uncovered internally, it is relatively simple to apply how it could benefit your clients and customers. If done correctly, sharing insight with your customers can enhance your existing product and uncover new revenue streams.