Published on : Mar 29, 2017
Albany, New York, March 29, 2017: Data is the new currency and data monetization is the key factor which helps new companies to override established industries. Companies that possess the knowledge to convert data into money have the ability to compete and change the economy. To further elaborate data monetization, Market Research Hub (MRH) has added a report titled as “Data Monetization” to its vast repository of research reports.
This report starts with the executive summary along with methodology and definitions of data monetization. It is further summarized with the presence of big data market description, structure and size. Also, the reports offers brief detailing about various verticals of data monetization such as finance, retail, telcos and smart products, which are analyzed on the basis of the type of data gathered, privacy policies and the main opportunities coming from the online world.
Data monetization is basically monetizing the asset of data for generating better revenue. According to an established IT research and advisory firm data monetization methods are:
- Indirect Data Monetization: It has different usability form for data monetization such as using data to reduce risks, using data to build and solidify partner relationships, using data to measurably reduce risks, Publishing Branded indices and using data to develop new products & markets.
- Direct Data Monetization: Categorized as selling raw data through brokers, bartering or trading with information, offering data/report subscriptions and information-enhanced products or services. According to various research findings, there are different ways to monetize data. Some of them include- stopping revenue leak, to infer customer satisfaction, to embrace a new revenue model, detect fraud/piracy, minimize churn, improve market ROI, and embrace a new business model.
Data monetization in finance: At present, everyone goes for the digitization, finance sector can monetize their data by various means such as providing personalized offer to the right customers and other methods. Since the latest electronic devices can extract differentiate the customer data. Thus, the relevant customers may be approached efficiently without any delay.
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Data monetization in retail: In this competitive sector, retailers understand their shoppers by mining the data provided by them through various surveys and online forms to get more demand analysis.
Data monetization in telcos: Telecom companies use big data for monetization. Using customer data for generating more revenue is the thing that proves their stand in the market.
The report is basically an analysis of the data monetization in various sectors. This will provide an insight in the usability of data by a sector for generating revenue and the blend that proves the competency of companies using customer data for generating more revenue.
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