Recognizing the Value of Data Monetization in Business

Posted On January 25, 2017

Recognizing the Value of Data Monetization in Business

Presentation in progress at the 2016 edition of the Smart Data Summit

‘Customer is king’ has always been the mantra of service oriented companies. To provide improved customer service and an enhanced experience, organizations are looking at ways to capitalize on the power of big data. The true value of data to boost decision making was undervalued till some years back. Data as an asset has now been transformed into a monetized product. Simply put, the monetization of data is the procedure of converting the data into something valuable and useful one that helps to make a smart decision based on multiple insight sources.

With more than one method of directly engaging with consumers, organizations are coping with the sheer pace as well as the difficulty of engaging in real time over social media, offline events, web, online events, email, mobile devices, e-commerce storefronts, to name a few. Equipped with insights, companies are introducing innovative products and solution-based services based on the requirements of their customers for better customer experience and engagement. It is important to note that the expectations of customers are increasing fast, so companies need to know what customers want, how and when they want the required thing.

“Data monetization is fast becoming the need of the hour. These useful tools provide the opportunity to innovate instead of following any pre-determined path. The skill to cooperate seamlessly with consumers across numerous exciting digital channels needs an urgent strategy enabled by analytic insights and data.”, commented Mr. Brad Hariharan, Regional Director, Expotrade Middle East.

The data monetization process has created lots of opportunities for companies with essential data quantity to leverage under-tapped and untapped information and develop new revenue sources. For speeding up decision making and insight generation, business professionals have increased their IT spend in data discovery or data visualization platforms.

The opportunity offered by big data is truly leading the consumers to wait for more, making the government organizations expect greater transparency, raising expectations for more profitable operations. Organizations across the world have opted for data monetization to deliver better customer engagement and experience.

At the Smart Data Summit to be held on 3rd and 4th April 2017 at Sofitel Dubai The Palm Resort & Spa, leading industry experts will uncover successful data monetization strategies that are in sync with the business opportunities. For more information on the 4th Annual Smart Data Summit, please log on to http://www.smartdatadubai.com. Follow the Summit on social media with the hashtag #SDATAS2017.

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