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Top 4 challenges in monetizing data
The wealth of data being pushed to businesses around the globe on a daily basis is staggering, but much of that data continues to be either ignored or used in a way that isn't beneficial to the brand.
I recently had the chance to chat with NovoPayment's CEO Anabel Perez. The NovoPayment platform is a leading tech-payment service in Latin America, helping businesses better capitalize on the data offered every day.
"As the buzz around big data turns to increased action in our region, some eminent and long-term challenges will have to be addressed," said Perez.
Challenges including how 'talent' - data analyzers, for instance - are trained so that data collection, storage and analysis consistently grow. More people log on to the Internet every day, giving brands access to more engagement data. As people change how they engage, data analysis must also change.
Another challenge: digital payments.
"If our formal economies are flowing rivers of data, our informal economies are like vast, opaque lakes. We've heard for many years about the war on cash, but this initiative is going to be increasingly relevant to broaden our digital world and break down its current edges," said Perez.
And don't forget security - along with more legitimate consumers come botnet farms, fraudulent advertising and other online issues. Perez cautions that security will always be at the forefront of the challenges in collecting and monetizing data. As will be collaboration.
"Good data is like good ingredients. Some combinations can be extremely appetizing and even sustaining. Will our companies learn to share data or will our strong culture of competition and suspicion keep us from great things? Can we imagine a "First Bank of Data" for sharing this information or is it some utilitarian dream?" said Perez.
You can read part one of my talk with Anabel and NovoPayment, including how to better monetize data, here.
Image via Shutterstock
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