How Enterprises Can Monetize Data
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By Derek Handova
Running a B2B company has its challenges. Competition remains intense, profit margins are too thin and the top line has plateaued. How can B2B find secondary revenue sources? The answer could lie in part within business intelligence (BI) data monetization.
“Data monetization is an increasingly popular trend among B2B enterprises,” says Ramon Chen, chief marketing officer, Reltio, creator of data-driven applications. “And it’s no wonder why, given the vast amounts of data that companies now store.”
But first that data must be analyzed to identify hidden opportunities that have not been exploited before. How can B2B firms accomplish these tasks? Analyzing BI exists beyond the capabilities of normal humans in any substantive way. Powerful computing resources must bear the brunt of the BI data burden to make it available and meaningful.
“While getting there seems daunting, the first steps start with improving reliability and relevance of internal data to improve business operations,” Chen says. “In fact, reliability and relevance are two key areas any enterprise must address to reap the greatest benefits from its data.”