In the world of selling data, there are two ubiquitous market trends to consider:
- Decrease in revenues from the traditional streams – Ã‚Â Unlimited price plans, decline in voice and SMS usage, increased competition are just some of the reasons for flat-lining revenues and declining profitability
- Big Data Awareness without commensurate usage – Communication Service Providers sit on a very large cache of data. They are highly aware of the potential contained therein which has led them to invest significantly in creating advanced big data environments. Carriers’ decision makers are aware of the capabilities they have utilizing their organization’s data for many types of usage. Yet most of them still didn’t see a tangible ROI from their Big Data platforms.
ThisÃ‚Â leads into the imperative to execute a data monetization project, where the ROI can be visibleÃ‚Â much more clearly.
As revenues from core services show a trend of decline in most mature markets, operatorsÃ‚Â continuously seek new revenue streams outside their main business. The main asset of carriersÃ‚Â has always been their customer data, and a chief area of focus today is to identify useÃ‚Â cases and customers insights that 3rd parties can benefit from and utilize for better businessÃ‚Â planning.
This Introductory Guide provides a reference model for successfully monetizing data. The guide also takes a holistic view of regulations, need for compliance, the various privacy techniques available for each layer of the architecture and the industries/verticals that data monetization can be applied to. The various types of opportunities available for converting data to revenues is also explored. Finally, there are 10 use cases defined in detail spanning Health, Transportation, Finance/Fraud,Ã‚Â Advertising, Site Planning, and Tourism.Ã‚Â