Getting serious on Data Monetizing & Data Intelligence
Do the test and open three surveys of either IDC, Gartner or Forbes: ... you'll immediately get overwhelmed with the messaging of our data driven economy .... or, how 78% of today's decision-taking in leading enterprises is data driven...or, how data is the new gold for them ... or ... well, anyway .... ever thought how these leading enterprises got to that stage? ... ever thought what's behind their initiatives on taken data driven decisions .. ?
Action upon insights: Data Monetizing
Stepping back on the above question, is basically thinking around the action these enterprises take upon there existing insights. In the end, that's what it's all about: doing something valuable with the analytical insights you gather using business analytics. Making value out of those insights is what we call Data Monetizing or often mentioned as Data Intelligence. I am not going to explain here how to do so, because I can't: the what, why, when and how of taking-action upon available insights depends from enterprise to enterprise. Moreover, probably at least two "libraries of books" have been written about these topics. The point I do want to make is the emphasis enterprises today put in Data Monetizing initiatives. Most of them are getting in place with modern and decent analytics which are strong prerequisites of data monetizing:
having insights available Live in real-time
having insights available onto the transactional detail
have an agile analytics environment that allows for interactivity and easy data blending
Inspired by the data driven economy and disruption all around us, enterprises initiate data monetizing projects to prevent from being disrupted themselves. They absolutely need to do so to gain competitive advantage or find new markets to penetrate.
See the wiki on data monetizing here.