Following are six inspirational ways for companies to make money with their data, with real-life cases to illustrate how they work in practice. We want to inject fresh, new thinking into data commercialization and provide perspectives that companies tend to neglect. They fail to make use of and commercialize all the data they have. They typically master the structured engineering-like process of data collection and analysis, but fail in the innovative and commercial side of things. Companies must go beyond the obvious and apply creative thinking to their data commercialization efforts. We help companies understand the commercial opportunities digital data provides and believe that these two ways are necessary, but just not enough. Data is used to identify problems and bottlenecks in internal processes, which are then eliminated to improve business efficiency and profitability.
This results in increased sales, products with higher added value or more closed deals. Data is collected and analyzed for product development purposes, used to create better products, which are then to customers.The two most obvious ways for companies to commercialize data are:
They’ve also started to explore machine-learning applications that help them solve complex problems that can be answered through insights gained from large volumes of data. They’re collecting it, analyzing it and using it to improve their business and operations. They’ve started to understand and identify what valuable data that they possess. Companies have woken up to the importance of digital data in their business, as well as the new business opportunities that data gathering and analytics present.
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