As digitization and Internet-driven innovation continues to expand, companies are collecting more and more data about their customers, prospects, connected devices, and other objects. Analyzing the data to gain product and market insights is one source of competitive advantage. Monetization is another. Data monetization turns the “exhaust” of everyday customer interactions into valuable insights about those customers that can be used by internal business units or sold to outside organizations. Yet, monetization can be challenging to achieve.
Much of the data companies collect is proprietary or subject to data privacy policies and regulations. Great care is necessary in making use of it so as not to contravene the rules and lose customer trust, even when used for internal purposes within the marketing department or for fraud detection. Making data available for outside company use will necessitate de-personalization, at the very least, and may require combining different data sets in order to derive and deliver value. Data from different sources may also be hard to combine. For example, data from public sources such as social media may be unstructured while internal data is more likely to be structured.
As a global information services company, Experian has significant experience in data monetization and helping our customers gain maximum value from their information resources. Learn about how you can get your data in shape and develop a successful data monetization strategy for your organization.
In this webinar, attendees will learn: