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Monetizing Data Through Customer Facing Analytics
David MenningerSVP & Research Director
@dmennningervr In/ventanaresearchblog.ventanaresearch.com
© 2018 Ventana Research
Ever See A Business Monetize Data With Customer Analytics?
© 2018 Ventana Research2
Agenda
• Quick background
• Opportunities to monetize data
• Requirements for monetizing data
• Where to start
• Five key takeaways
© 2018 Ventana Research3
David MenningerSVP & Research Director
Responsible for the overall research direction of data, information and analytics technologies at Ventana Research.
Covers Analytics, Big Data, Business Intelligence and Information Management along with the additional specific research categories including IT Performance Management and IoT.
Has over twenty-five years of experience bringing leading edge data and analytics technologies to market.
Previous roles:
- Head of Business Development & Strategy at Pivotal (Dell/EMC)
- VP of Marketing and Product Management at Vertica, Oracle, Applix, InforSense and IRI Software.
@dmenningerVR
© 2018 Ventana Research
Ventana Research
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Digital Innovation in 21st Century
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Customer Facing Analytics Generate Business Opportunity
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• What data do you have?
• What new data sources are available such as IoT?
• Can you access external data to enrich your data?
• Businesses and consumers both want access to data
• Examples
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Opportunities to Monetize Data
8
Most Common Data Sources
• May not always be obvious
• Obvious: - Sell the analytics itself
(e.g. analysis of corporate travel spend)
• Less obvious:- Customer retention
- Expand customer relationship
- Cost savings (less customer service time required)
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Monetization Comes in Many Forms
9
Establishing the Right Skills is Critical
- When examining the skills for your organizations, make sure to look at the variety of skills required.
- While analytic skills (77%) are critical for data preparation, the focus on business skills (62%) is essential.
- Hopefully spreadsheet skills (43%) are less important, as having a dedicated and modern data management environment is essential.
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• Rich set of data- Access to your operational data
- Benchmarking
- Insights into their operations
- Supplement with external data
• Data Quality - Customers will notice if you are wrong
- Nothing beats a big mistake for bad publicity
• Timely data
• Bottom line: Value
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Data Requirements
11
Data Quality is Paramount for Success
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• Top priority for data activities in half of organizations (54%).
• Only a fifth (22%) of organizations are very confident of the quality of data being prepared.
• Improved quality of information across enterprise is top and first ranked benefit (37%) of effective data preparation.- It is a top ranked task (16%) that
takes most significant time.
Source: Ventana Research Data Preparation Benchmark Research
• Easy access by customers
- Applications have to be accessible by
customers
- Zero training user interface
- Tightly embedded
• Mobile capabilities
- Especially for B2C
• Appropriate analytics
- Use case dependent
- Visualizations and interactive reporting
- Predictive analytics and machine learning
© 2018 Ventana Research
Platform Requirements
13
• Adaptability- Integrate multiple sources
- Master data management
- Integration frequency is needed real time or every hour (34%)
• Reliability- Thousands of users? Tens of
thousands? Millions?
- Peak workloads
• Manageability- Monitoring
- Metering & billing
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Platform Requirements (cont’d)
14
Source: Ventana Research Data Preparation Benchmark Research
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• Governance/security- Secured access
- Firewalls between clients
- Remove or mask PII
- GDPR
- Regulatory restrictions
• Direct access by end users- Not always easy: less than half (42%)
comfortable giving direct access internally
- Is your organization adept at this?
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Potential Challenges
16
• It’s all about customers- Ask your customers
- Analyze customer service data
- Analyze social media streams
• Identify your objective & source of monetization
• As always, start simple- Extend existing application, product
or service
- Learn & expand
© 2018 Ventana Research
Where to start
17
1. Focus on the customer.
2. Quality of data is paramount.
3. Augment internal data with external sources.
4. Make sure the platform can scale and is reliable.
5. Get started to gain a business advantage.
Five Key Takeaways for Data Monetization Success
© 2018 Ventana Research
Monetizing Data Through Customer Facing Analytics
David MenningerSVP & Research Director
@dmennningervr In/ventanaresearchblog.ventanaresearch.com
© 2018 Ventana Research
