Money never sleeps and neither does your data. In Monetizing Your Data, we look at digital transformation: the ways of turning data into new revenue streams and apps that boost income, increase stickiness, and help your company thrive in the world of Big Data. And we consider the role played by change agents within large businesses that make this process happen.
In a data-driven business environment, it’s increasingly vital to harness the power of data to develop actionable insights and make the best decisions. As a result, BI and analytics teams are important for empowering everyone to explore data and use analytic apps to take data-driven actions, wherever they are within an organization.
An advanced BI and analytics platform is an essential tool for these teams to integrate data insights into workflows with analytic apps and technology such as AI and Natural Language Processing. These technologies enable businesses to make associations between all kinds and sources of data and accelerate an understanding of the data that leads to better outcomes.
Providing users with these capabilities, coupled with smarter and more efficient data modeling, means that BI and Analytics teams play a more prominent role than ever in enabling their organizations to generate new value and new revenue for their customers with analytics products and services.
Maximizing return on existing investments
What’s important to remember is that organizations already possess highly valuable knowledge, expertise, and data. Every function, operation, and transaction within an organization generates data that can hold the key to revenue-raising insights. As Charles Holive, Managing Director of Strategy Consulting at Sisense observes, “It is far more beneficial to a company to find ways to accelerate what we call return on existing investment — the ability to create revenue from existing assets like data, market penetration, domain expertise, technology decisions, people, and operational excellence. Building a strategy to monetize incremental value from those assets is key to success in existing or new markets.”
That’s exactly what Sisense for BI & Analytics Teams does: simplifies the complexity of your data to make it easy to explore and collaborate; deploy and adapt quickly to make it easy to build dashboards, visualize insights, and get fast results; and drive impact by making these insights highly accessible and easily actionable.
Sisense works with organizations across all industries, revealing millions of dollars’ worth of new and previously unacknowledged opportunities. At the same time, enabling organizations to reduce risk, with the ability to adapt to changing and unexpected market conditions. A strong BI and analytics platform that’s fast and easy to use with the largest volume and varieties of data, can help companies create a competitive advantage by embedding actionable insights into their core products and monetizing those assets.
The ability to create revenue from existing assets like data, market penetration, domain expertise, technology decisions, people, and operational excellence. Building a strategy to monetize incremental value from those assets is key to success in existing or new markets.Charles Holive, Managing Director, Strategy Consulting, Sisense
Erea Consulting:Helping the retail sector earn revenue with data
Erea Consulting helps design and implement business strategies for retail clients across Latin America. Sisense analytics enables Erea to help its customers identify the best performing and new revenue streams and leverage customers’ existing infrastructures and markets.
Erea’s clients, brick-and-mortar chain stores, generate millions of data points daily from across hundreds of product categories, thousands of items, and a large variety of promotions. Powerful BI and analytics enable Erea to help them manage data, identify growth opportunities, and make business-critical decisions deriving from real-time insights.
Typically, data sharing between retailers and suppliers is slow and inefficient, often occurring monthly, or sometimes less frequently. So, it usually takes considerable time to assess data and learn about stock, allocating resources, and the effectiveness of promotional activity, for example. This means that neither retailers nor suppliers can get insights in real-time about the effectiveness of promotions. They can’t be agile, nor pivot their decisions and actions quickly to maximize impact. Erea uses data to help suppliers and retailers simultaneously. It enables retailers to monetize data and sell it to suppliers so they can become more strategic with their resources. Using the Sisense data and analytics platform, together with its retail industry expertise, Erea provides a white-labeled version of the platform to retailers so they can analyze all aspects of their business, from supply to sales, customer behavior, promotion effectiveness, and more.
In the case of Erea’s client, the Latin American retailer Unisuper, the platform connects over 250 companies supplying its chain of 100 stores to get this information in real time, and then pivot its activity accordingly. Unisuper generates almost $2 million per year by selling data back to suppliers via its white-labeled data and analytics platform. Suppliers use the data to better track and plan their inventories and deliveries to stores where demand for their products is highest. They can analyze why customers switch brands, how competitors’ products affect their own, and what discounts maintain their market share. For suppliers and retailers alike, it’s a win-win situation.
The market desperately needed access to a data and analytics platform that could revolutionize the way retailers and suppliers interact on a daily basis.Michael Corcuera, CEO of Erea Consulting
Why it’s worth the investment
The thinking behind this methodology is simple. It’s all about optimizing your existing assets to boost operational effectiveness and maximize revenue generation. The clever thing is how to achieve it. That involves delivering AI-powered self-service BI and building actionable analytic apps with your data, connecting all your data sources, and simplifying analysis so it’s as easy as possible to explore and collaborate.
With this technology in place, BI and analytics teams are empowered to become the builders of data-driven solutions and analytic apps that are accessible to all departments of an organization. Embracing this technology helps create a data-driven culture that delivers insights for everyone and maximizes the opportunities to create value for you, your partners, and your customers, and gain an advantage over your competitors. That kind of ROI is impossible to ignore.
Adam Murray began his career in corporate communications and PR in London and New York before moving to Tel Aviv. He’s spent the last ten years working with tech companies like Amdocs, Gilat Satellite Systems, and Allot Communications. He holds a Ph.D. in English Literature and when he’s not spending time with his wife and son, he’s preoccupied with his beloved football team, Tottenham Hotspur.