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From Raw Data to Profitable Insights: Tools and Strategies for Successful Data Monetization

Data monetization has become an increasingly important topic in the world of business and technology. As companies collect more and more data, they are realizing the potential value that this data holds. In fact, according to a report by 451 Research, the global market for data monetization is projected to reach $7.3 billion by 2022. This is achieved through various strategies such as selling raw or processed data, providing analytics services, or creating new products based on the data.

There are many different approaches to data monetization, each with its own unique benefits and challenges. However, many organizations struggle with how to effectively monetize their data assets. In order to effectively monetize data, businesses need the right tools and strategies in place. These tools help collect, analyze, and visualize data to uncover valuable insights that can be turned into profitable opportunities. Below is a short list of essential tools used for successful data monetization.

 

  • Data Collection Tools: The first step in data monetization is collecting relevant and accurate data. This requires efficient and effective data collection tools such as web scraping software, API integrations, IoT sensors, and customer feedback forms. These tools help gather large amounts of structured and unstructured data from various sources like websites, social media platforms, customer interactions, or even physical sensors.

 

  • Data Analytics Platforms: Analytics tools play a crucial role in making sense of complex datasets by identifying patterns and trends that would otherwise go unnoticed. By leveraging these platforms, businesses can gain valuable insights that can be used for decision-making processes. They provide powerful reporting dashboards that allow businesses to visualize their KPIs with interactive charts, graphs, or maps helping them understand how their products are performing in real-time.

 

  • Business Intelligence Tools: These are applications designed specifically for reporting and dashboarding purposes. They allow users to input raw or analyzed data from various sources and present it in a visually appealing manner through charts, graphs or maps.

 

  • Customer Relationship Management Systems: CRM systems are essential tools for gathering customer-related information such as demographics, purchase history or behavior patterns. By analyzing this data, businesses can better understand their customers and tailor their products or services to meet their specific needs.

 

  • Data Management Platforms: DMPs are software solutions that help businesses to store, and manage large volumes of data from different sources. They allow for the integration of various data types, such as first-party and third-party data, which can then be used to create targeted marketing campaigns. It also provides features such as real-time processing capabilities, automated workflows for cleansing and transforming data, ensuring accuracy and consistency.

 

  • Data Visualization Tools: Data visualization tools help businesses present data in a compelling and visually appealing manner, making it easier for decision-makers to understand complex information quickly. These tools provide interactive dashboards, charts, maps, and graphs that can be customized according to the needs of the business.

 

  • Artificial Intelligence & Machine Learning: AI & ML technologies can help organizations extract valuable insights from their data by identifying patterns, predicting trends, and automating processes. AI-powered chatbots also enable businesses to engage with customers in real-time, providing personalized recommendations and increasing customer satisfaction.

 

  • Cloud Computing: Cloud computing provides scalable storage and computing power necessary for processing large amounts of data quickly. It also offers cost-effective solutions for storing and managing data as businesses can pay only for the services they use while avoiding expensive infrastructure costs.

 

  • Demand-side platforms: DSP help organizations manage their digital advertising campaigns by targeting specific audiences based on their browsing behavior or interests. These platforms allow businesses to use their data to segment and target customers with personalized messaging, increasing the chances of conversion and revenue generation.

 

  • Monetization Platforms: Finally, businesses need a reliable monetization platform that helps them package and sell their data products to interested buyers easily.

Data is certainly more than you think! It’s a valuable resource that can be monetized across your organization. So get in touch with us and learn how data monetization can transform your business.

CRM Automation: How can you elevate your Customer Relationship Management?

CRM Automation How can you elevate your Customer Relationship Management

The automation of companies has become a trend of our time. The modern market has set its own rules. The perfect product alone is no longer enough. In addition to the ideal product, customers also demand impeccable service. If a good product and competitive pricing are no longer enough to gain customers’ loyalty, then a personalized experience will have to be your differentiator. The competition is very strong, so a modern entrepreneur should pay close attention to customer management. Because one thing that 2021 has taught us, is to add good service to even the best product. Thus, automation is one of the most effective ways to effortlessly streamline your business.

 

The corona pandemic has further accelerated existing trends in automation. More and more companies want to automate their processes with the help of their CRM. The trend of collecting, unifying, and transforming customer data is becoming difficult and time-consuming without a proper data integration tool, but new offerings are finally making it possible for small and medium-sized businesses to do the same. One of the biggest benefits of automation is that instead of manually filling out all the documents, your team can let the software do it automatically. This gives them the opportunity to spend their valuable time on more important things. The software is programmed to work flawlessly, saving you a lot of problems and headaches and making the choice between tradition and automation obvious. CRM is becoming more and more synonymous with automation. The global CRM market is poised to reach about $113.46 billion by the end of 2027 (Globe Newswire, 2021).

 

As CRM takes care of a significant portion of the work processes; you don’t need to hire a big team to do the job but some entrepreneurs are still afraid to introduce the innovation because they are not sure if this solution really works and will be accepted by their team. Along with the fear of change, often companies don’t have an integrated approach to contact information and use different customer relationship management solutions that don’t communicate with each other. Without data integration tools, the process becomes difficult and time-consuming. In such a situation, employees need to log into multiple systems, download multiple sets of data to create their own unified customer database.

 
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On the other hand, the organizations which have successfully adapted to the new situation, use new tools and technologies to review and adapt their sales process to close more deals. Businesses that implement CRM automation experience an average of a 451% increase in qualified leads. (Annuitas Group). The CRM system, allows them to manage all contacted data of their customers and business partners in a structured and clear manner. They can record interactions and collect all important information about them along the customer journey, the journey from lead to purchase. Also, by bringing valuable data together, they are able to better understand and respond to the needs of their customers. Without electronic support, this mass of data cannot be handled at all.

 

Software for consolidating customer data easily connects disparate silos so data can be shared across systems for trend analysis, better decision-making, and greater customer satisfaction. For instance, using chatbots for communicating with customers, automating helpdesk tickets, or using automated email workflows to assist prospects in the sales process, customer management automation is on the rise. This automation enables companies to provide quality customer service while optimizing operational costs. The tools for this are also becoming easier and cheaper, which is why this is becoming more and more interesting, even for smaller companies.

 

However, it’s very important to choose software that is suitable for your team. Many CRMs look too mysterious but work as simple appointment schedulers. Therefore, the demand for quality software is very high among both small and medium-sized businesses. Well-designed software is user-friendly, which makes it easier for managers to explain the importance of the new software to their employees. It should definitely be done, and in this case, it’s not complicated.

A fully-integrated CRM system offers significant benefits but you must look for implementation options, scalability, adaptability, business value, and, of course, best value for money. The focus must always be on the individual requirements and needs of your company and the associated tasks, but also on employees who will use the system in the future.

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