Monetizing Businesses through Data Analytics

If Your Data Amounts to an Asset, You’re the Pirate of the Caribbean!

The reduced cost of memory spaces has resulted in the storage of a lot of data. Surprisingly, not many people are aware of the fact that if this data can be analyzed analytically, a flourishing business would eventually grow up circumscribing the same. Therefore, this valuable data which most of the companies possess but only a few companies utilize optimally is called an “asset”.

Have you given it a thought why every time you scroll across a particular media source, you get the desired media as a recommendation? In case you have noticed it but have never given it a serious thought, it is now time for you to know the secret behind this magic trick.

The magic of the asset hypnotizes the world beyond!

Perhaps, you will be surprised to know that you are the source that leads to this magic! Every time you surf the internet and view something, you provide valuable data to the analysts. Every time you pass a particular place, you again provide valuable data to the people waiting behind the screens to capture the same. In fact, every time you do anything and everything, you ultimately provide a huge amount of valuable data! And, just as pirates do, there are a number of companies who are waiting to simply keep a clean record of all the data that is generated and obtained. This data, then, is utilized in a fruitful way. So, let us evaluate it with an example.

Have you ever thought of buying a billboard?

Suppose, there is a billboard in your area and marketers are fighting for an advertisement space over there. As a data analyst, suppose, your company acquires valuable and precise information regarding the number of people and the type of people who are viewing the advertisements on the billboard. In such a case, how can you turn that valuable data into an asset? You can inform the owner of the billboard in that area what the worth of the billboard is and, then, in lieu of a good payment, the owner of the billboard can earn a lot of profit by increasing the price for advertisements. On the other hand, you can even contact the marketers and tell them the popularity of the billboard and the taste of the consumers who are viewing it so that the marketers benefit. Again, you can buy the same billboard, hike the price of the advertisements and utilize the ownership of the asset in a profitable way. Thus, in this way, if you have direct access to an asset, you can monetize your data adequately.

Growing a business’ productivity is now relying on data analytics!

Thus, by acquiring the right amount of precise data at a regular interval, you can turn that data into an asset like never before. And, once you do have an asset that nobody else has, nobody can stop you from evading the world of business as a true pirate. You have to be swift, precise and cunning as Jack Sparrow is so that you can grow up a business that would fetch you a whole lot of profit surrounding the data, and make you an unbeatable competitor in the field.