Usually when somebody talks about the difficulties business data, they talk often contextualize the scale and complexity of data. They talk about how you need to manage vast quantities of data from different sources.
But that’s only the first hurdle. For many, the real challenge is in how you can extract value from your data, monetize it, and ultimately profit.
How Are Companies Monetizing their Data?
Rule of thumb, data is only as good as the value at which you can extract it. So, organizations in all industries are finding new ways to monetize their data to get the most out of their vast business intelligence.
In general, there are three main ways we see companies achieving this:
• Acquiring streams of revenue by turning data into new assets
• Analyzing BI to uncover new opportunities
• Using operational data to enhance efficiency and mitigate risk
All three monetization strategies can effectively turn raw data into real business value with measurable income and cost savings, they just do it in very different ways. What all three have in common though is that each one requires comprehensive analytics and a standardized and manageable data foundation to succeed.
Take Oracle customer, DX Marketing, for example. By using Oracle Database Cloud Service and Oracle Business Intelligence Cloud Service, they were able to dramatically accelerate the speed that they can turn data into actionable customer insights – generating almost 26 percent more revenue, and effectively turning more data into greater income.
Cloud Speeds Deployment
Time is the enemy of any data monetization approach. The more resources you need to spend establishing data warehouses or marts, injecting data and analyzing it, the less net value and profit it will generate.Speed is of the essence, and that’s why those looking to profit from data warehouses are taking them to the cloud.The cloud lets you spin up data warehouses in a fraction of the time compared to on-premises data stores. And often, cloud services are better integrated with analytics and visualization tools – helping you more rapidly get value from your data.
Simpler Maintenance, Superior Profit
The sooner you can establish data analytics, the quicker you can profit from your new data warehouse or mart. But monetizing data isn’t just about quickly spinning up an analytics solution. Profitable monetization also demands that your data warehouses and marts don’t require vast amounts of resources to maintain, monitor, and patch in the long term. This is a huge boon for those serious about profiting from data. By reducing maintenance demands, you can spend less keeping the data warehouse lights on, and invest more time and energy in analytics and other high-value tasks that improve data profitability.
Bringing All the Data Together
Managing data from varied sources is also essential to ensuring maximum profitable monetization.
From third-party data to customer intelligence and operational insights, only by collecting and integrating a whole range of data will you stand to get the deepest insights, and ultimately the most profit.But cleansing data from all these different sources, and then transferring it correctly to your data warehouse can be a big challenge for some organizations – especially those that don’t have a wide range of data scientists and experts in house.
Cloud services come to the rescue again here. Oracle, for example, offers fully integrated, intuitive data tools for integration (Oracle Integration Cloud) and analysis (Oracle Analytics Cloud), which makes extracting intelligence from multiple sources much simpler.
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