This is how you can monetize big data
With a tsunami of information floating around in the digital world, every company is on the lookout for monetizing big data. Organizations are critically analyzing overarching data strategies to dig the gold.
Today, to drive business insights and profits, the business world has become deeply focused on the use of big data. Though every business has access to it, the difference lies in how they use it. New companies are distorting established industries and conventional businesses are changing the way they operate. Not every enterprise is equally adept in monetizing big data into dollars, but their potential to do so is having a startling impact on their ability to compete.
Monetizing big data by stopping revenue leaks
A constant watch over the services offered by busy hospitals, clinics, and healthcare providers can be easily lost. Errors may be present in the description and the assigned code of each procedure. Patient invoices can be flagged for potential errors by organizations using analytics. These organizations are also benefitted by intelligent data as it improves the ROI of collections. Specifically, they are able to identify the channel that is most likely to elicit a response, the right person to contact, and the time of contact that is most likely to yield a positive response. For figuring out people who are going to pay more so as to maximize their collections, to maximize their collections, businesses are segmenting their collections. customer satisfaction.
Social media sentiment analysis and surveys are commonly used by organizations to better understand customer satisfaction level. For instance, airlines are now able to infer the satisfaction level of a customer by combining data from numerous sources, such as where in a row of seats he or she sits. According to Opera Solutions, if 10 out of 10 times a passenger sits in a middle seat, he or she will possibly not be very satisfied. Thus, in such scenarios by using big data, airlines can offer the passenger a free upgrade to a coach plus seat that can increase the satisfaction level of the customer.
Monetizing big data by detecting fraud and piracy
There are various sites through which online retailers sell their products, such as Amazon, eBay, and other online marketplaces, that are maintained by very large retailers, such as Best Buy and Wal-Mart. Since the pricing, products, and customer types often vary across channels, selling through such channels is very data sensitive. At times, the price discrepancies are so notable that they signal potential piracy or fraud. Using big data analytics, mispriced items and suppliers who perform such activities can be detected.
As more and more organizations run on software and as the value of their data assets continue to increase, they will have to rethink the benefit they are delivering to their customers. For monetizing big data, companies are not only restructuring but also building new operating opportunities that will make them relevant in the nearby future.