Author: Jon Tutcher, Cloud & Core Technology Director, EMEA, Oracle Corp
Data is only valuable if you can monetise it. Here’s how to extract true value from your data, and make the best profit by leveraging data warehouses and marts.
Making Data Make Money
Whenever anybody talks about the challenges around business data, they talk about the scale and complexity of data. They talk about how you need to manage vast quantities of data from different sources.
But that’s only the first hurdle. For many, the real challenge is in how you can extract value from your data, monetise it, and ultimately profit.
How Are Companies Monetising their Data?
Data is only as good as the value you can extract from it. So, organisations in all industries are finding new ways to monetise their data to get the most out of their vast business intelligence.
In general, there are three main ways we see companies achieving this:
All three monetisation strategies can effectively turn raw data into real business value with measurable income and cost savings, they just do it in very different ways. What all three have in common though is that each one requires comprehensive analytics and a standardised and manageable data foundation to succeed.
Take Oracle customer, DX Marketing, for example. By using Oracle Database Cloud Service and Oracle Business Intelligence Cloud Service, they were able to dramatically accelerate the speed that they can turn data into actionable customer insights – increasing revenue by 25%, and effectively turning more data into greater income.
Cloud Speeds Deployment
Time is the enemy of any data monetisation approach. The more resources you need to spend establishing data warehouses or marts, injecting data, and analysing it, the less net value and profit it will generate.
Speed is of the essence, and that’s why those looking to really profit from data warehouses are taking them to the cloud.
The cloud lets you spin up data warehouses in a fraction of the time compared to on-premises data stores. And often, cloud services are better integrated with analytics and visualisation tools – helping you more rapidly get value from your data.
Simpler Maintenance, Superior Profit
The faster you can establish data analytics, the faster you can profit from your new data warehouse or mart. But monetising data isn’t just about quickly spinning up an analytics solution. Profitable monetisation also demands that your data warehouses and marts don’t require vast amounts of resources to maintain, monitor, and patch in the long term.
This is a huge boon for those serious about profiting from data. By reducing maintenance demands, you can spend less keeping the data warehouse lights on, and invest more time and energy in analytics and other high-value tasks that improve data profitability.
Oracle ADWC can also reduce much of the risk of data management. By removing human error from the equation, you can enjoy a more streamlined, safer approach to your data.
Bringing All the Data Together
Managing data from varied sources is also essential to ensuring maximum profitable monetisation.
From third party data, to customer intelligence and operational insights, only by collecting and integrating a whole range of data will you stand to get the deepest insights, and ultimately the most profit.
But cleansing data from all these different sources, and then transferring it correctly to your data warehouse can be a big challenge for some organisations – especially those that don’t have a wide range of data scientists and experts in house.
Cloud services come to the rescue again here. Oracle, for example, offers fully integrated, intuitive data tools for integration (Oracle Integration Cloud) and analysis (Oracle Analytics Cloud), that makes extracting intelligence from multiple sources much simpler.