Data monetization is the process of leveraging data to create or increase revenue. Studies have shown that the best performing and fastest growing organizations have adopted data monetization and made it an important part of their business strategy.
Data monetization involves selling direct access to data to consumers—third party companies who use the data in their businesses, as end users (e.g., insurance, benefits, and risk management), data brokers who package and resell data and information, and individual public consumers. Just like any raw material, data can be sold in raw form, or in a form that’s has undergone some transformation to generate analysis and insights. This known as direct data monetization.
Indirect data monetization may offer even greater financial benefits, through optimization of data to improve processes. This involves data analytics to reveal insights that can improve your organization’s operational performance. Data can identify how to reach customers and understand customer behavior so you can improve services and reduce cost. Data can also highlight where and how to save costs, avoid risk and streamline operations.
Amarac is well positioned with the experience in operational processes in the public and private organizations and the technical know-how to leverage data to generate revenue, improve processes to increase efficiency and productivity, and reduce operational cost. We have done it for private organizations of various sizes and industry and various agencies in the federal government. We can do it for your organization.
Data monetization derives from data digitization or the broader concept of digital transformation, without digital data, data monetization is not possible. Amarac will help you transform your paper based data using its proven products and processes to convert your paper based data into database searchable and analyzable metadata, securely stored and easily retrievable electronic PDF documents.