Articles

The Data Value Chain Part 1: Steps for Monetizing Your Data

We’ve all heard the analogy: data is the new crude oil. But we rarely focus on the “crude” aspect, which refers to a resource that, without refining, is useless.

While data’s importance is widely recognized, few companies devote the time and resources to nurture and transform it into a monetizable asset. I recently wrote about this concept in an article for Integration Developer News, where I discussed how challenging it is for many companies to make the leap from data collection and analysis to using that information to make a real difference in the bottom line. In order to make this transition, it’s essential that companies deliver on the value contained in their information and understand the steps required to tap into data as a new revenue stream or to reduce costs.

Source: business2community.com
Author: Rado Kotorov

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