Monthly Archives

August 2015

Data in the News for the week of August 31, 2015

By | Big Data, Big Data Strategies, Blog, Data Management, Innovation, Social Web | No Comments



What’s hot around the Big Data water cooler this week: Epsilon adds Klout’s social media scoring to its menu * Time Warner Cable buys major share in online video specialist iStreamPlanet * and more.

Are you looking to purchase data or possibly figure out how to monetize the data you currently own? Contact us today and let’s discuss your options!

Venture Development Center (VDC) is an advisory services firm that assists its clients in identifying, defining, and implementing breakthrough uses of Big Data. The VDC success story is based on the unique ability of the organization to identify new and powerful data assets from the Big Data ecosystem and then develop applications and information use cases that drive solid revenue results and transform existing business practices. The practice areas that characterize VDC projects include creating new products and revenue streams for data owners and bringing forth new information assets and strategies to educate and assist data users to adapt to the rapidly changing world of Big Data.

How to Monetize Your Data

By | Big Data Strategies, Blog | No Comments

Monetize Your Data

If your company is sitting on piles of data, odds are you’re sitting on a lot of money as well. Whether it’s improving your own business strategy, or selling to another buyer, there’s a way to make all that data make you more money.

Know Where to Find Your Data

Is your business a call center? Do you manage social media pages? Sell products online? These are examples of easy sources for abundant data collection. It’s obvious where the data is coming from and what their uses are.

Don’t forget to look deeper into potential sources for data. If you’re a phone company, you have access to GPS data that might provide information on where you demographic goes for fun. If you’re a retail store owner, physical data such as transactions and financial records are still capable of being used for monetization. Be critical about looking for new sources of data!

Look at Your Data

The next step towards monetizing your data is finding out how useful it could be. Gather your staff and start asking questions about your data. Find trends and patterns that you think would be useful.

Sometimes this might involve going back to the drawing board and collecting more data. Maybe you need someone else in the office to look over your information with fresh eyes. The more ways you can look at your data and find potential uses for it, the better your chances of monetization will be.

Monetization Comes in Many Forms

Sometimes making money off your data doesn’t involve another seller, but could come internally. By properly analyzing your data, you may discover a new way of conducting business that will yield more returns. Don’t start looking at data sets if you’re afraid to drastically change your business model. Once you start finding logical patterns that dictate company direction, be open to adjusting your strategy as necessary.

For example, focus on delivering a better product once you understand your clients better. Expand your market into an area where there is a need. There are multiple ways that you can use data to improve your business and your returns, and how you use your data will be different from everyone else.

 

Start With a Comprehensive Data Monetization Plan

If you are ready to embark on a data monetization strategy, it is best to begin with a blueprint of your data assets and a strategy for deployment.  This begins with defining the process and methodology used in collecting the information and then understanding the data available in order to identify the ultimate data elements of value.  Gaining an outside perspective is often a great first step in this process.  Data gaps that might not be readily apparent are often identified through such an evaluation and it is not uncommon to learn that the integration of 3rd party information can make the resulting data assets more valuable to your internal operations while also increasing the significance for outside monetization.

Once this data roadmap is in place, the creation of potential use cases need to be vetted to ensure compliance with privacy regulations, contractual obligations and business procedures. From there, the identification of relevant prospect organizations should commence with an eye towards balancing the financial gain against any undesirable impact.

The bottom line is that a sound monetization strategy starts with the value of the data to your internal operations and then advances towards financial gains via external sales to targeted prospects based on sound use cases.  Results should be monitored and attributed back to the plan for ongoing evaluation and necessary adjustment.

Venture Development Center is an advisory services firm that assists its clients in identifying, defining, and implementing breakthrough uses of Big Data. If you have any questions about the potential of monetizing your data, please contact us and we’ll be glad to get involved.

What is Big Data?

By | Big Data, Blog | No Comments

Big Data is the Future. Are you Ready?

“Big Data” has become a bit of a buzzword lately. It’s easy to dismiss terms like this one as a one-time market trend or the latest digital fad. The truth is, data is a valuable commodity in today’s marketplace that touches every level of business. It’s important to understand so you can make proper and crucial business decisions moving forward.

What is It?

Big data is a broad term that refers to large pools of data generated from digital and traditional sources that can be analyzed to reveal trends about human behavior. These trends are important to understand because they can affect everything from your targeted ads, to the direction your business is heading, to how your consumer base is going to change in the future.

Analysis of information gathered from data sources can be used in a variety of applications. Big data helped Barack Obama win a reelection in 2012, and FICO uses it as a means of fraud detection. Those are examples of big data being used on a large scale, but proper data curation has benefits for every business. Data-driven marketing is an increasingly common strategy, and if you aren’t starting to look at it for your own company, you’re going to fall behind.

Where Does Big Data Come From?

Data is generated from almost everything we do, not just in the digital world, but in our day to day activities. Every website we visit, advertisement we click, movie we stream and software we use is joined by our daily monetary transactions, financial records, and phone calls we make to create a large pool of data that can be curated and analyzed.

We told you it was called “big” data for a reason!

It may sound scary that everything we do leaves a trail that someone else will pick up and analyze, but humans have been leaving behind indicators of their trends and habits since the dawn of time. The only difference now is that the digital world gives us an abundance of information that can be properly analyzed with the help of big data scientists (and computers).

The Future:

The industry also isn’t going anywhere anytime soon. With the explosion of the digital age in 2002 and mobile revolution shortly after, data is more abundant than ever. In 2010, the big data industry was worth $100 billion and has seen a growth of about 10% each year. That’s growing about twice as fast as the entire software market as a whole!

As our world becomes more digital and we find different ways of connecting and interacting with our real and virtual spaces, there’s only going to be more and more data generated. Storing and sorting through these large piles of data is a business that is going to require an estimated 4.4 million more data scientists than there currently are in the field.

What Does Big Data Mean For Me?

As mentioned previously, big data has a wide range of applications. VDC is an example of a data consultant that can help make connections between companies looking to sell and buy data, and that process starts with recognizing how big data can best serve your needs.

Whether you’re running an election campaign, opening a small business, designing an amusement park, or trying to hire your next employee, there is an application for big data that can fit your needs. The sooner you start looking into utilizing data sets, the more ahead of the game you’ll be.

Venture Development Center is a full service data consulting firm that is ready to help you find the right application for you, whether that’s purchasing or selling data. Feel free to reach out and contact us with any questions or comments.

Data in the News for the week of August 17, 2015

By | Big Data, Big Data Strategies, Blog, Data Management, Innovation, Social Web | No Comments



Data news making the rounds this week: The future of advertising * Corporate mergers * following the money with Google * Opt-outs and privacy * and much more.

Are you looking to purchase data or possibly figure out how to monetize the data you currently own? Contact us today and let’s discuss your options!

Venture Development Center (VDC) is an advisory services firm that assists its clients in identifying, defining, and implementing breakthrough uses of Big Data. The VDC success story is based on the unique ability of the organization to identify new and powerful data assets from the Big Data ecosystem and then develop applications and information use cases that drive solid revenue results and transform existing business practices. The practice areas that characterize VDC projects include creating new products and revenue streams for data owners and bringing forth new information assets and strategies to educate and assist data users to adapt to the rapidly changing world of Big Data.

Data in the News for the week of August 3, 2015

By | Big Data, Big Data Strategies, Blog, Data Management, Innovation, Social Web | No Comments



What’s hot around the Big Data water cooler this week: “Data on-boarding” of “offline data” has surged (240 Billion consumer records) for Acxiom’s LiveRamp division * Five strategies to get the coveted millennial dollar *and much more.

Are you looking to purchase data or possibly figure out how to monetize the data you currently own? Contact us today and let’s discuss your options!

Venture Development Center (VDC) is an advisory services firm that assists its clients in identifying, defining, and implementing breakthrough uses of Big Data. The VDC success story is based on the unique ability of the organization to identify new and powerful data assets from the Big Data ecosystem and then develop applications and information use cases that drive solid revenue results and transform existing business practices. The practice areas that characterize VDC projects include creating new products and revenue streams for data owners and bringing forth new information assets and strategies to educate and assist data users to adapt to the rapidly changing world of Big Data.