With the boom in digital services, e-commerce, and social media, it is no longer problematic for business organizations to collect data on shopping patterns, product preferences, markets, and rival operators. The challenge has now become how to capitalize on all the information to drive corporate growth through opening new revenue streams, optimizing costs, and improving productivity, comments Trevor Silver, founder and CEO of leading analytics, data engineering, and cloud computing solutions provider Exusia. The key lies in data monetization, which Gartner describes as “the process of using data to obtain quantifiable economic benefit. Internal or indirect methods include using data to make measurable business performance improvements and inform decisions.” Trevor Silver notes, “Whether done internally or externally, data monetization has become critically important in the modern business world, which is characterized by frequent disruptive developments and the need to secure a competitive advantage on a global scale.”
Today’s corporations realize that Big Data and analytics have transformed the competitive landscape: according to 70% of the participants in a McKinsey study, those have had at least a moderate impact. At the same time, efforts to monetize data are relatively new even though the majority of companies implement analytics initiatives to drive revenue growth. According to McKinsey, enterprises that are ahead in the monetization game achieve industry-leading results and differentiation. “Respondents at the high-performing companies in our survey are more likely than others to say they are already monetizing data and to report that they are doing so in more ways, including adding new services to existing offerings, developing entirely new business models, and partnering with other companies in related industries to create pools of shared data. Perhaps unsurprisingly, respondents at high performers also see a top-line benefit: they are three times more likely than others to say their monetization efforts contribute more than 20% to company revenues,” the report notes.
Although data monetization is just starting to gain traction, the upsides enjoyed by the leaders attest to the tremendous importance of such initiatives for corporate growth, Trevor Silver says. According to 69% of respondents in a survey by market analysis company BARC, new revenue sources top the list of benefits associated with data products, while new services and greater customer loyalty were cited by 66% and 63%, respectively. Approximately half of the survey participants reported improved insight into customers and enhanced customer experiences, with other benefits including new data generation andstronger relationships with partners and suppliers.
In a career spanning two decades, Trevor Silver has built a reputation as an expert in analytics and data engineering, offering clients support in areas such as data strategy, architecture, delivery execution, and managed services. In 2012, he founded a Miami-based Exusia, a company that is among the leading global providers of technology solutions and operational guidance to enterprises in the healthcare, financial services, telecommunications, hospitality, entertainment, energy, and consumer products industries. Exusia and its achievements have been recognized in publications such as Inc., Crain’s, CIO Review, CIOLook, Industry Era, CIO Bulletin, and Insights Success.