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Let me take a data monetization example from the digital media world and present a process that other industries can use to uncover and capitalize on potential data monetization opportunities. , Google, Facebook, and Twitter have worked to master the data monetization process. They must because their entire business model is built on monetizing data. These companies work with bytes to create services, unlike most other companies who work with atoms to build physical products like shoes, tractors, houses, and burrito bowls with double chicken and guacamole.

Launch a prototype or pilot project that provides the opportunity to integrate detailed transactional data and new unstructured data sources with real-time data feeds and predictive analytics to automatically uncover potential problems and opportunities buried in the data (Insights), and generate actionable recommendations. The Big Data Business Opportunity Business Optimization The Business Optimization phase is the level of business maturity where organizations use embedded analytics to automatically optimize parts of their business operations.

What data assets do I have (or could I have)? Once you have a solid understanding of these two questions, then you are in a position to start the data monetization process. ) understand their target customers—that is, who is making the million dollar marketing and campaign decisions, and what information and insights do they need to make those decisions? Digital media companies target the following three customers or personas: Media Planners and Buyers, Campaign Managers, and Digital Media Executives.

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17 money making candlestick formations


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