Data Monetization strategy in Business -introduction

Data Monetization strategy in Business  

Data monetization is form of monetization, is generating profit from available data sources or real time streamed data by instituting the discovery, capture, storage, dissemination ,analysis, and use of that data .A new report released by Economist finds that organizations are actively monetizing their data. By 60% are already generating revenue from their data. while 83% say data is used to make existing products and services more profitable. The ownership of rich measures of information is not special in this day and age. Without a doubt, information itself is progressively an item. The capacity to adapt information viably can be a wellspring of upper hand in the computerized economy.

Organizations can adopt three strategies to adapting their information:

(1) enhancing inward business procedures and choices

(2) wrapping data around center items and administrations

(3) pitching data offerings to new and existing markets.

These methodologies vary altogether in the sorts of capacities and responsibilities they require, yet each speaks to an essential open door for an organization to separate itself in the commercial center.


For more information on Business Analytics tools, please visit 
https://analyticsinbusinessworld.blogspot.com/