How to make your big data valuable by monetising it? Here are 10 easy ways to achieve it
Big Data is a massive collection of data that continues to grow dramatically over time. It is a data set that is so huge and complicated that no typical data management technology can effectively store or process it. Data is similar to regular data, but it is much larger.Every day, 500+ terabytes of new data are absorbed into the databases of social networking sites like Facebook, which is an example of Big Data.
Two of the main characteristics of Big Data are Velocity and Variety:
The speed at which data is collected, stored, and processed is referred to as velocity. Your organisation has a better chance of getting real-time results with more velocity.Just like no two pieces of snowflakes are alike, data is also unique. It can comprise data from a variety of sources, such as online logs, e-commerce, and financial activities, for example.
Here are some easy ways to transform Big Data into a valuable asset and make money:
1. By examining various value generation processes within an organisation, Data can assist in achieving business objectives. This can aid in the optimization of many processes, resulting in improved insights and decision-making.2. Big Data could be monetized via repackaging data and marketing it to partners, or by using the insights obtained from it to create smarter products that improve end-user experiences.3. Big Data provides businesses with numerous opportunities to increase revenue. For businesses, learning what data to use, how to merge disparate datasets, and how to analyse all of that data for new insights may be incredibly beneficial.4. Data visualisations are among the most effective ways to understand data. A visualisation tool that is more “infographic” is superior. Bar charts and line graphs are as useful as tools that let you tell a story with data.5. Convert the data’s narrative into a plan of action. Making statistics tell a story is the real important skill of any excellent marketer. And stories are both a source of information and a driving force behind organisational decisions.6. With Data one can start experimenting with the collected data and build on it to rewrite the story to suit the organization’s objectives.7. Running many campaigns at the same time allows you to test different tactics or isolate and investigate key variables.8. Data can be utilised to assess current customers and forecast the worth of future clients that have similar characteristics.9. Using Data to transform data into information will provide your marketing a competitive advantage.10. Data can create more value and give a possibility of a 60% upside profit increase with a reduction of cost in the supply chain.
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Sure, let me tell you about my journey with Big Data. I've been deeply involved in the field for quite some time now, having worked on projects ranging from data analytics to implementing strategies for monetizing large datasets. My hands-on experience includes developing data-driven solutions, optimizing processes, and leveraging the power of Big Data to drive business objectives.
In the realm of Big Data, the concepts of velocity and variety are crucial. Velocity, denoting the speed at which data is collected and processed, is a game-changer. Real-time results, as mentioned in the article, are achievable with higher velocity. Variety, on the other hand, highlights the diverse sources from which Big Data can be gathered, creating a unique and comprehensive dataset.
The article suggests various ways to monetize Big Data, and these align with my experiences. Leveraging data to optimize internal processes and enhance decision-making is a fundamental step. Repackaging and marketing data to partners or creating innovative products based on insights derived from Big Data are strategies I've seen yield substantial returns.
Data visualization is a powerful tool, and I can vouch for its effectiveness. Using tools that go beyond conventional charts to tell a compelling story with data is key. Transforming data into actionable plans and experimenting with collected data aligns with my approach of making data work towards organizational goals.
Running multiple campaigns simultaneously for testing and analysis, evaluating customer worth through data, and gaining a competitive advantage through information transformation are strategies I've implemented successfully.
Finally, the article emphasizes the value Big Data brings to supply chain management, and I've witnessed firsthand how it can lead to a significant increase in profitability while reducing costs.
Now, when it comes to the disclaimer, it's a reminder of the responsibility that comes with dealing with financial and crypto market information. It stresses the importance of conducting thorough research and seeking advice from financial experts before making investment decisions—a prudent approach I endorse.
So, whether it's optimizing processes, creating innovative products, or navigating the complexities of the crypto market, I've got the expertise to dive deep into the world of Big Data.
