In the fast-paced world of business, data is not just valuable – it is a key strategic asset. From enhancing operational efficiency, driving innovation and boosting profitability, utilisation of data has become pivotable to business success.
At Modasta, we are now seeing an increasing trend in recognising the value of data in new areas, monetising data to create new business offerings and generating economic benefits. In this article, we explore the intricacies of data monetisation, the pivotal role Business Intelligence (BI) tools play in data monetisation efforts and the initial steps to get started when looking to unlock new revenue streams and maximise the value of data.
Understanding Data Monetisation
Data monetisation is not solely about selling data; it involves leveraging data assets to create tangible economic benefits through various approaches.
Indirect monetisation focuses on using data to improve internal processes and enhance customer experiences within the organisation. This can include streamlining operations, personalising marketing campaigns, or optimising supply chain logistics to improve efficiency and customer satisfaction.
Direct monetisation involves selling raw data or data-driven products to external parties, such as your customers. This can take the form of selling datasets or developing data-driven products tailored to specific industry needs.
Hybrid monetisation strategies offer a comprehensive approach to data monetisation, allowing organisations to maximise revenue opportunities while enhancing operational effectiveness. For example, consider a subscription-based business offering premium data insights as a subscription add-on. By combining direct revenue generation with enhanced customer value, this hybrid model enables organisations to unlock additional revenue streams while strengthening customer relationships.
Explore hybrid monetisation models to maximise the value of your data assets. By combining direct and indirect approaches, organisations can achieve a balance between revenue generation and customer satisfaction, driving long-term success in the data monetisation journey.
Role of BI in Data Monetisation
BI tools play a pivotal role in facilitating data monetisation efforts. Various BI tools often offer a suite of functionalities designed to empower organisations to extract actionable insights from their data.
Embedded Functionalities
Users can access data visualisations and metrics within familiar interfaces, enhancing decision-making and driving action. Embedded content fosters trust in the numbers by providing transparent access to underlying data sources and methodologies, ensuring stakeholders have confidence in the insights driving their decisions.
Custom Workflows
With BI tools, organisations often can automate processes, trigger alerts, and initiate actions directly from their data visualisations. Whether it is flagging anomalies or automating marketing campaigns based on predictive insights, BI platforms enable organisations to drive tangible business outcomes.
Application Development via API
Several BI tools have the functionality of interacting via API, which allows for custom application development tailored to specific business needs. Organisations can leverage the API to build custom dashboards, integrate with third-party tools, and embed data analytics into customer-facing applications.
Explore your BI tool’s integrations with other data platforms and tools to extend its capabilities and maximise its value for data monetisation. Integrating it with complementary technologies can unlock new possibilities for monetising your data assets.
Customer Stories
We have worked with several organisations that have successfully leveraged their BI tools to drive data monetisation initiatives.
cargo.one
With the help of Modasta, developed cargo.one360 – an offering additional to the freight platform they run, allowing airline partners to better understand their performance and compare themselves to anonymised industry benchmarks through a suite of insight-driving dashboards. As a hybrid monetisation example, this service allows customers to maximise the value of their use of cargo.one platform while additional premium tier content provides even more valuable insights. Read more about how they achieved this in our deep-dive here.
FutureLearn
Modasta helped FutureLearn design, develop and train the internal team to further nurture the suite of embedded content that allowed the partner learning organisations to better understand the performance of existing courses they created and inspire opportunities for new ones. This provided a unique insight across the marketplace, strengthening the learning organisations’ relationships with the learners while facilitating the greater performance of the FutureLearn platform.
Getting Started
Starting your data monetisation journey requires strategic planning and decisive action. In this section, we provide essential steps to guide your initial foray into leveraging data for revenue generation.
Assessing the Current Landscape
Conducting internal assessments of existing data platforms, governance frameworks, and market research to identify opportunities. By understanding the current data landscape and market trends, organisations can align their monetisation strategies with business objectives and customer needs.
Ideating on Opportunities
Encouraging internal collaboration, leveraging AI capabilities, and gathering customer feedback to ideate on potential data monetisation opportunities. By brainstorming ideas and prioritising initiatives, organisations can develop innovative data products and services that address market demands and drive revenue growth.
Product Positioning and Promotion
Strategies for positioning data products in the market and promoting them to target audiences effectively. By defining unique value propositions, identifying target markets, and leveraging marketing channels, organisations can maximise the visibility and adoption of their data offerings, driving revenue generation and customer engagement.
Conclusion
Data monetisation represents a significant opportunity for organisations to unlock new revenue streams, maximise the value of their data assets and enhance customer experiences. By embracing data-driven decision-making and leveraging BI platforms, businesses can stay ahead of the curve and position themselves as leaders in their respective industries. We encourage C-level executives and data leaders to explore the possibilities of data monetisation and partner with us to achieve their strategic objectives. Explore hybrid monetisation models to maximise the value of your data assets. By combining direct and indirect approaches, organisations can achieve a balance between revenue generation and customer satisfaction, driving long-term success in the data monetisation journey.
Ready to unlock the full potential of your data? Contact us today to learn how we can help you leverage your BI platform for data monetisation success. Together, let’s turn your data into revenue-driving insights.