If the pandemic has taught companies around the world one thing, it is that business disruption is not necessarily the result of new technology upsetting the status quo. On the contrary, this has been a case of technology showing enterprises the pressing need for digital transformation and the creation of new revenue streams. Trevor Silver, founder and CEO of leading analytics, data engineering, and cloud computing solutions provider Exusia, comments, “The majority of corporations have long been using data and analytics to improve the decision-making process, but few have truly begun to extract meaningful value from their vast data collections. Faced with a threat to traditional revenue streams and the need to operate competitively on a global scale, corporations are starting to realize that monetizing their data is a crucial means to those ends.”
While product and customer information is essential for generating insights that drive business growth, few companies make the most of their data, and even fewer have taken steps to derive external benefits from theirs. According to research by Forrester, 60% to 73% of company data remains unused by in-house analysts, while other studies suggest that merely a third or so of enterprises have initiated efforts to monetize their data. In a report focused on this market, Grand View Research notes, “Data monetization is an umbrella term that covers additional revenue that an organization generates from the information it holds on its customers. It is expected to be vital to an organization’s business since it focuses on upselling services, supporting customer care, and reducing churn. It is also anticipated to be crucial for business intelligence support for several commercial opportunities, such as mobile marketing. It does this by providing selling data as an insight.”
There seems to be widespread concern in the corporate world due to various recently implemented regulatory frameworks whose aim is to ensure data privacy and protection, Trevor Silver says. However, he further notes that data can be monetized in various ways, and sharing it directly with others is only one avenue to pursue. “With flexibility and resourcefulness, enterprises can extract significant benefits from the information they hold without making themselves vulnerable to regulatory action,” Exusia’s leader explains. “Even if a company cannot directly sell its data, it can still profit from its information pool, for example, by identifying new customer segments and creating products or services for them, thus opening new revenue streams. With the added benefits of improved productivity, greater efficiency, and reduced costs, enterprises focused on data monetization can boost their sales and profitability through strengthening their competitiveness and achieving differentiation.”
Since its launch in New York City in 2012, Exusia has grown to become one of the premier global providers of technology solutions and operational guidance, serving multiple clients in the healthcare, telecommunications, hospitality, entertainment, energy, financial services, and consumer products industries. Dedicated to innovative applications of analytics and data engineering, the company offers solutions and services that enable enterprises to grow their revenues, optimize cost structures, comply with regulatory requirements, and maximize returns on technology investments. Exusia is headquartered in Miami, Florida, with additional offices in Europe (London, UK), Africa (Johannesburg, South Africa), and Asia (Pune India).
Exusia Inc. CEO, Trevor Silver, Highlights the Role of Data Strategy in Accelerating Digital Transformation: https://www.yahoo.com/now/exusia-inc-ceo-trevor-silver-093000960.html
Trevor Silver, CEO of Exusia, Explores the Impact of Data Monetization on Corporate Growth: https://www.yahoo.com/now/trevor-silver-ceo-exusia-explores-025000618.html
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