By now, most of you have probably heard that data is the new oil. Well, nothing could be closer to the truth. Be it a telecom giant, a traditional trading house, or anything in between; your company could be missing a massive opportunity by wasting data, data that can be used to reduce churn, drive adoption, and create new revenue streams.
Leveraging data by enriching apps, products, and experiences with intelligence is de rigueur for companies of all kinds. Whatever you do, including analytics in your offering is essential for increasing stickiness, user satisfaction, and long-term revenue. By doing so now, rather than later (when more companies have caught on) organizations can differentiate themselves in the market, thereby growing their market share by delivering increased value to their current and target customers.
Let’s take a look at how some different industries are monetizing their data.
This industry is just one example that is ahead of the game when it comes to delivering customer data insights.
Out of a wide range of service-oriented companies, payment providers are in a unique position to leverage their data’s value. The behavioral insights they keep can be offered to customers such as large retailers, small businesses, and even consumers themselves. Like other industries, issues such as data privacy and security are of utmost importance.
Payment providers accumulate a tremendous amount of information collected via live transactional flow. The more data that these providers can collect and analyze, the more insights they can offer their customers about their business and their customer’s payments.
Embedding analytics into their customer-facing applications will enable them to offer customers the ability to connect easily to any device and obtain information and valuable insights securely and quickly.
For example, online merchants in retail and airline verticals who strive to understand the segments that their customers originate could greatly benefit from analyzing payment data in order to identify segments and learn about their customers. Additionally, online merchants seek to understand the best marketing channels to utilize in reaching their customers. Again, the payment data they can include the marketing channel information so the merchants now have the source of the transaction. These insights can help improve loyalty programs and upsell promotions.
Oil and Gas
One of the most significant challenges for companies who both manufacture and use connected products are the ways they can monetize the flood of data originating from those devices. By utilizing IoT data control, these organizations can seize the value of this data that their devices generate and monetize it. Most of these IoT driven companies say that they are only utilizing a fraction of the data their devices collect.
Data that is generated by the myriad of sensors used in the oil and gas industry is just one example. A single oil rig can generate over ten petabytes of data in a single month. One of the most significant challenges in this space is extracting all of this data, making sense of it by applying analytics, and identifying the data that is valuable to customers/suppliers and can be monetized.
Say, for example, a rig operator has deduced from analyzing select data sets that they can increase performance. This discovery applies to a specific area of rig operations, whereby personnel utilizes particular parameters in a group of their connected devices. Their settings for those devices from different manufacturers can save the company tens of thousands of dollars per month.
By sharing the analytics from their application, they can monetize these distinct data sets in real time with the manufacturers who will be willing to pay to know these parameters and make them their default, which facilitates monetization of the data.
In turn, the manufacturers can create case studies from this data to increase business by showing other rig operators how, by using their product in combination with others, they can realize improved performance. These manufacturers can also partner with other manufacturers to sell a combined solution that saves companies money. It’s a win-win all around.
Car Data Monetization (CDM)
The tidal wave of car data is due to the ever-increasing number of sensors in today’s vehicles. For example, many of today’s vehicles include a SIM card in the entertainment center and the data collected provides information on almost every way drivers use their cars.
Data points can be related to how that particular car functions (or malfunctions), and the route it takes each day to and from work, during holiday weekends, and so forth. That data can be analyzed, and monetized by the car manufacturer with automobile OEMs thereby creating a competitive advantage for those who purchase this information.
Another example of how car manufacturers can monetize their data is by offering their suppliers valuable insights via predictive maintenance data. Proactive maintenance can benefit suppliers by reducing warranty costs. Suppliers can reduce costs by increasing diagnostic capabilities that will alert drivers if and when a component is approaching the failure threshold.
It’s Time to Embed
Companies that go beyond providing basic data to their customers by offering online access to analytics using updated dashboards will realize it’s the driving force behind data monetization and happy customers.
Since delivering analytics can be an additional revenue generator, don’t waste time and development resources. Embedding and customizing an analytics platform as if you created it in-house delivers insights faster and more securely.