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Humanity generates about 2.5 exabytes of data each day. Two and a half million terabytes of information that have huge financial value. Many companies around the world would pay billions for that data. Is it a reality? Most of this data is stored somewhere in corporate servers, data owners do not work with it, and so companies voluntarily (though often unknowingly) lose money. You can be one of those who will finally change it.
Use data insights for internal and external purposes
It goes without saying that companies collect data about their transactions and customers. We all use Google Analytics, an ERP system, Business Intelligence tools, or at least a simple cash register system. Once you start analysing and interpreting data from these tools, it will generate revenue.
First of all, high-quality data insights will help you make better business decisions. You can determine whether a marketing campaign has improved business results, which products generate the highest profits or which customers bring you the most money. Any strategic decision you make from now on will be backed up by data – minimizing the risk of error.
Another way of using data is monetisation: selling your data insights to other companies. For example, if you run a pharmacy chain, drug manufacturers and suppliers may have enormous interest in having a regular picture of the market situation. You can offer this to them using relevant data insights.
Data quality of the inputs
In order to use data for better business decisions or to sell them to third parties, you must ensure that your data is:
- Accurate. There should be no errors in your data – it must reflect the reality of customer behaviour.
- Complete. Your data must not miss any essential information, it must be complete.
- Up-to-date. The most valuable is always the current data, half year old reports in most industries have no value.
- Secured. You must have control over access to the data and ensure that the data is encrypted.
However, the fact that your data meets these requirements is still the beginning. Consequently, it is necessary to aggregate the data, to find connections and correlations and to draw general conclusions and recommendations. Such data cleaning work can fully employ a team of analysts in a larger company – and, as only few companies have such qualified teams, it makes sense to outsource. For example to datasapiens.
Highest value data insights
The most valuable data sources can be found in companies that work with hundreds of thousands of customers every month. Typically, they are:
- mobile operators
- banks and insurance companies
- pharmacies and drugstores
- gas stations
- or ordinary retail (eg. grocery or clothing).
In a few weeks, such companies can create a huge volume of insight about customer behaviour. For example:
- which brands and products customers prefer
- are they loyal to those brands
- to which brands they switch to and from
- which products they buy together in one purchase
- or how often, at what time and in what store they prefer to shop.
It would be a sin if such companies did not use data insights to increase their profits – whether through better business decisions or data monetisation, i.e., selling data insights to third parties.
If you don’t know where to start with data monetisation, let us know. We have developed an analytical tool with readymade metrics that take into account industry specifics and do the heavy lifting for you. You only need to choose the data insights you need for your business and which insights your suppliers need for their businesses, so that you can sell it to them.