Big data, new lower cost technologies, and new semi/unstructured data sources (social, weblogs, other business datasets) are driving the demand for optimizing the end customer experience and as a result leverage solutions to affect the bottom line in a very positive way.
Executives and thought leaders from major corporations whom we’ve talked to have not seen the ROI from existingor traditional business intelligence investments creating the opportunity for investments that directly affect bottom line revenue. Furthermore, industry momentum, innovation, and investment is happening with big data platforms. At Monetize Solutions we focus on enabling ourcustomers with relevance as the basis of our offerings, helping companies to accurately characterize customers and prospects, and intelligently personalize customer interactions – delivering the right intelligence, product, offer, or message to the right audience at the right time given multiple data variables. This could mean determining the optimal product inventory configuration or the right cross sell relevant recommendation given the time of year, location demographics, geography, historical sales profile buying behavior, and social sentiment.
REASONS WHY MONETIZATION IS PARTICULARY IMPORTANT NOW
The Benefit of a Monetization infrastructure is affecting the bottom line positively and adding value back to the enterprise. Along the way, other benefits from a big data infrastructure focused on monetization include: insight extraction, product innovation, a reduced cost of information, and infrastructure modernization.
Your Competition Will Outperform, Erode your business, and Run You Over Eventually– in todays environment of tighter margins and strong domestic and global competition, information monetization is a competitive weapon. Businesses must look ahead and start to recognize the importance of monetization and become true data driven businesses. Maximizing the value of information translates into highly personalized customer experiences.
New Technologies – Enabling, scalable, low cost, big data processing capabilities – Advances in technology to process large data sets (an example is Hadoop) easily and cheaply are now starting to put emphasis on the importance of retrieving insights and monetization opportunities from data. But its not enough to just put the data together – the customer needs to be enriched to summarize critical statistics and it also needs to “link in” to the data. At Monetize Solutions, we provide a big data toolset to enable the enrichment of data along with monetization – Monetizer, and we also provide capabilities to link the customer to the data – Customer Link.
New Data Sources – Blogs, Social Media, and the Internet – For companies where brand matters, understanding online customer activity including sentiment is now unavoidable. External data available on the internet must be collected, parsed, and analyzed for knowledge and product satisfaction and quality issues. Also newer forms of data such as unstructured (social media, docs, blogs/forums, multimedia, IM, email) + semi structured data (xml, rss , web logs) aka ‘multi structured’ data, are driving companies to store and process much larger data volumes and analyze it along with structured information. When information comes together in one place it makes everything possible.
An Existing Foundation – Big Data Platforms and the legacy data warehouse – Most enterprises have deployed a big data platform but aren’t using it to the full potential, despite recent advances. There is a large modernization opportunity which will shift focus to relevant needs – proving increases in three areas: revenue, cost savings, and productivity.
At Monetize Solutions, we are helping companies to ultimately better personalize customer interactions to optimize their experience and at the same time maximize revenue enabling the next phase of business intelligence.