This 2017 report, from the Eckerson Group, uncovers the keys of data monetization and provides the required steps so that businesses can start using their data assets as a new revenue stream. Specifically, how businesses can create data-driven products and services that generate revenue, reduce costs, cement customer loyalty, and deliver a competitive edge.
Use this guide to learn about the infrastructure and processes companies need to succeed with monetizing their data using the following three approaches:
- Deliver data analytics internally to employees so they can make better decisions, optimize processes, and reduce costs
- Enrich existing products with data analytics, improving customer retention and preserving market share
- Sell data products and services to customers, generating new product lines and revenue.