When it comes to businesses, properly utilized data empowers leaders to make decisions based on facts, trends and statistical numbers. It will help you minimize the amount of money, time and resources that you’re wasting, and maximize the overall efficiency of your business — there are a lot of ways your company can leverage the strengths and benefits of big data.
Depending on your business strategy — gathering, processing and visualization of data can help your company extract value and financial benefits from it. Our new ebook will help you understand how each of these aspects work when implemented both on their own, as well as when they’re linked together. Download it for free!
Big data refers to large sets of unstructured, semi-structured, or structured data obtained from numerous sources such as mobile apps, customer databases, social networks, browser history, and business transaction systems.
At the beginning of 2020, the digital universe was estimated to consist of 44 zettabytes of data. To help you understand and visualize this information, one zettabyte has 21 zeroes. That is the total amount of data generated by social media sites, financial institutions, medical facilities, shopping platforms and many more. Now imagine what could be done with that amount of information if used properly.
Data is extremely valuable, but that value is shown only if you do something with the data you possess. Having it collect dust somewhere on a server is only a waste of your resources.
All types of data have value – the key is to first find the one that is ideal for your company and then to incorporate it into your business strategy. A lot of companies are aggressively starting to leverage data as a way to increase revenue, improve their efficiency, create better strategies and expand their reach because big data and its associated practices can completely transform businesses and/or create new ones.
The big data market is expected to reach USD 123.23 billion by 2025.
Big data can be used for uncovering trends such as seasonal demand and popular complementary products. Using these insights, it’s possible to build models for launching new products and services for your business. To find out more about specific ways businesses can monetize data and turn it into a financial benefit, keep reading!
Turn data into a specific service and offer it to users
A lot of companies today possess various types of data that could be useful to other businesses or individuals. On its own, that data has little or no value. But when combined, processed and turned into a specific service, it can become a needed commodity.
A few tips for turning data into a service:
Tip #1 — before you go all-in on a service, make sure that it’s something that users need and would use
Tip #2 — make the service scalable by offering your customers differently priced packages with an increasing amount of benefits and features
Tip #3 — having a service is not a one-and-done kind of thing, and you will need to constantly maintain it, improve, gather feedback from your users, upgrade, iterate, test, gather feedback again…
Tip #4 — creating a service will require you to build an advanced system capable of gathering,
processing and presenting data
Data as a service, popularly known as DaaS, offers a number of benefits, such as easier setup and use, cost-optimization opportunities, and a greater deal of reliability. By embracing DaaS, companies can improve the agility of data workloads, increase the reliability and integrity of their data, and also reduce time-to-insight.
Use data to analyze internal processes and improve them
Offering data to others can be very valuable and profitable, but using that data to improve your internal processes can bring numerous benefits to your business. If you’re running a company, there are big chances that not everything is optimized to perfection – and that is where gathering and analyzing your internal data can be an invaluable asset.
By creating a system powered by machine learning that can monitor all of your business processes, you can increase the overall efficiency of your company, which can ultimately result in higher profits.
When we talk about business processes, we mean anything from receiving orders, invoicing and shipping products to defining budgets, updating business information, working on specific projects, customer support, managing security and everything in between — the benefit of having a custom system made specifically for your company is that you can easily incorporate every single one of your business processes into it.
Leverage the insight from data as a business intelligence tool
This way of monetizing data is all about making better and more informed decisions faster. The world of business is constantly on the move and it doesn’t care if you don’t feel like doing something — because if you won’t, your competition probably will.
Having a business means you need to make the best possible decisions based on available information – that’s how your company can stay ahead.
By having a system of predictive algorithms that can process high volumes of data, detect patterns within them and present you with a clear set of information, you will be able to quickly deduct specific insights from them that will enable you to make informed decisions. Analyzing data can help you understand the dynamics of your business, anticipate market shifts and manage risks. It can also help you make decisions that can improve efficiency, risk management and profits.
Don’t underestimate the power of big data
All types of data have value, but that value is subjective because what’s valuable for one business or user, can be worthless for another. You should define that specific type of data that has the most value for your business and your users, and then utilize it in a way that will enable you to extract that value.
The starting point should be defining the final results you want to get – pinpoint what you’re trying to achieve with big data, and then find the right way to analyze data and pinpoint sources from which you’ll gather that specific data needed to achieve set results.
If you want to know more about big data gathering, processing and visualization, download our free ebook!
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