Data Economy Vs data Monitization done by the organisations
By MYBRANDBOOK
Data monetization leverages data generated through business operations, available exogenous data or content, as well as data associated with individual actors such as that collected via electronic devices and sensors participating in the internet of things. For example, the ubiquity of the internet of things is generating location data and other data from sensors and mobile devices at an ever-increasing rate. When this data is collated against traditional databases, the value and utility of both sources of data increases, leading to tremendous potential to mine data for social good, research and discovery, and achievement of business objectives.
Capturing and monetizing data will require intelligent, connected systems and processes that help ensure that data and privacy are managed with the same rigor as traditional assets.Companies have figured out that data can be used in day-to-day operations to reduce costs and grow revenue
Organizations are using AI and machine learning for surveillance to help monitor for terrorist activity. These technologies have been implemented with few regulatory provisions, and the line between surveillance and individual privacy is one that may be easily crossed.
Every company operating today is a data company. Most have access to an array of data on their supply chains, operations, strategic partners, customers, and competitors. Yet most companies are leaving money on the table, with only one in 12 monetizing data to its fullest extent. Data on its own has value, but insights derived from data substantially increase that value. These insights can be used to direct activities as varied as customer segmentation, demand and churn prediction, pricing optimization, retention marketing, and cost management - and they can also command even greater margins when sold externally.
Organizations that embrace the art of the possible in data monetization stand to create new capital from data sources and ultimately transform their business models. In doing so, however, they must maintain a sharp focus on data privacy.
Businesses have adopted technologies such as cloud-based data management, artificial intelligence, machine learning and predictive analytics to more efficiently run their operations. Now, many are applying these technologies to data monetization, creating specific algorithms to manage, store and analyze huge internal and external data sets.
Most leverage open-source software such as Apache Hadoop, Spark and Kafka to implement real-time data-management and analysis capabilities. These open-source tools, available at little or no cost, enable companies to gather and analyze data without significant investments in software.
The main question is on how the organisations are making real money from the data they capture,directly/indirectly or through implementing the backdoor software in the hardware/software. With this software they get the real-time informations happening at the site. Recently, few organisations had been heavily penalized.
BHIM to join e-commerce, competing with PhonePe and Google Pay
The government-supported payment software BHIM is getting ready to join t...
The latest version of X helps prevent deepfakes on social medi
To combat deepfakes and shallowfakes, Elon Musk revealed a new update t...
India and Namibia collaborate on a payment system similar to U
Once operational, the platform will enable digital transactions in Namibia,...
Sebi issues show-cause notices to six Adani group firms
Sebi issued show-cause notices to six Adani Group firms, including Adani ...
CENTRE FOR DEVELOPMENT OF TELEMATICS
NETWEB TECHNOLOGIES INDIA LTD.
LENOVO GROUP LTD.
NUMERIC INDIA, A Group Brand Legrand
Technology Icons Of India 2023: Josh Foulger
Josh is the Country Head of India and MD of Bharat FIH Ltd (A Foxconn ...
Technology Icons Of India 2023: Deepinder Goyal
Deepinder Goyal is the Founder and CEO of Zomato. Deepinder, or Deepi,...
Technology Icons Of India 2023: C P Gurnani
CP Gurnani (popularly known as ‘CP’ within his peer group), is the...
GeM maintains transparency in online procurement of goods & services
Created in a record time of five months, Government eMarketplace is a ...
ECIL continues to keep India ahead in the growth of Information Technology and Electronics
ECIL played a very significant role in the training and growth of high...
NPCI leading India towards Digital payments
The National Payments Corporation of India (NPCI) is an initiative tak...
ADITYA INFOTECH LTD.
Aditya Infotech Ltd. (AIL) – the technology arm of Aditya Group, is ...
SAVEX TECHNOLOGIES PVT. LTD.
Savex Technologies is the 3rd largest Information & Communication Tec...
TECH DATA, A TD SYNNEX COMPANY
Tech Data Corporation was an American multinational distribution compa...