Data Monetization Offers Several Benefits Such As Increased Revenue

Posted by coherent market insights on January 11th, 2021

Data monetization, a broad term, can refer to both the process of creating measurable financial rewards from already available data resources. Less frequently, however, it can also refer simply to the practice of monetizing data services, such as those offered by content management systems. This form of monetization is increasingly popular among many businesses, as its main selling point - increased revenue through automated, real-time processes - proves to be well worth the effort. Other benefits include, improved decision-making, more timely (lower latency) decisions, more granular decisions, and targeted marketing. With these services, businesses can reap greater revenue from a wide variety of online and offline activities, through a variety of different channels:

As already noted, one of the most common methods of data monetization is the creation of a 'customized, tailor-made' analytics platform. These platforms are created by experts in the field, using specific programming languages. The software creates reports, which are then sent to all company departments, for analysis. Some of these advanced analytics platforms are provided by third party companies, others are internally-designed and maintained by the company. The two general types of analytics platforms are: web-based (RDF) and bi-platform.

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