In the past, explorers ventured into new and unexplored territories in search of legendary treasures in places like El Dorado or the seven cities of Cíbola. As we know, they did not manage to find them or realise the potential of the new territories they had discovered... Unlike them, today's companies are increasingly aware that they have a real treasure within them: their information. And with the monetisation of data, this becomes a real economic benefit.
What is data monetisation?
In an increasingly automated world, it is clear that a huge amount of information is generated. But what is done with this huge volume of data and what value does it have for companies?
Until a few years ago, little was done and companies seemed not to have discovered their great potential. Fortunately, the Business Intelligence tools have meant a real change in the position of companies regarding their data. And they have discovered that this asset can become a real treasure under their feet: by knowing how to read the data it is possible to achieve real competitive advantages, as well as an outstanding economic benefit -always while respecting the privacy of personal data-.
Data and money… the combination which the concept of data monetisation integrates. If we want to define it in a more or less canonical way, we can say that it is about the use of data assets to generate value for an organisation. This process can be done in two ways:
- Direct monetisation: the huge volume of data can be packaged into data products and sold. This type of monetisation is carried out by large companies such as Facebook, Google or Apple.
- Indirect monetisation: all this information, previously processed and endowed with added value, is used within the organisation to support business decisions. In this point the tools of Business Intelligence are included, like Tableau.
Data monetisation, an upward trend among companies
In accordance with the foregoing, it is inferred that for a company to remain competitive it is necessary to extract the maximum possible value from its data, and to do so carrying out a process which covers, at least, these phases:
- Identification of the data
- Data selection
- Filtering the data
- Exploitation and added value to the data
This process is attracting the attention of companies, which are increasingly relying on monetisation. This is one of the conclusions reached by a recent study by the consultancy company BARC Research on the monetisation of data in the business sector, which has analysed, among other aspects, its degree of penetration and the ways in which companies are applying Data Monetisation.
Among the findings of the study, made to more than 200 managers of European companies of all sizes and sectors, the following stand out:
- Data monetisation is beginning to be adopted, but more and more companies are doing so. 17% of the companies surveyed had implemented data monetisation initiatives in their business strategy, 12% were launching their projects in this direction and 10% were in a conceptualisation phase. It already represents 50% of companies, and more and more are being encouraged to do so.
- The main form of data monetisation is to offer analysis results for the improvement of processes. 40% of respondents acknowledged that this is the first way in which they apply Data Monetisation, with the support of analytical tools, while 37% do so in the form of reporting and comparative studies. A lower percentage monetises your data to implement new business platforms, and create new services or business models.
- Business Intelligence software and data integration tools lead data monetisation. As a majority (86%), the surveyed companies rely on Business Intelligence (BI) solutions to monetise, followed by data integration tools (70%) and, to a lesser extent, the customisation of developments.
- Outstanding benefits of Data Monetisation: New sources of income, new services and greater customer loyalty. At the top of the numerous benefits are new sources of income (69% of companies), followed closely by the creation of new services (66%) and the improvement of customer loyalty (63%). Above 50%, there was the internal availability of the analyses, a better understanding of the client’s behaviour and the internal availability of the data.
If you are interested in consulting this in-depth study, from Intelligence Partner we can bring it to you; we are constantly informed of the main trends and developments, both technological and business.
Thanks to this we accumulate a deep expertise in technologies which facilitate the monetisation of data, especially in Business Intelligence tools such as Tableau.
Contact us to analyse together how to get the most out of your data.
Are we already starting to monetise?