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Top 5 tips to better monetize data
Transactional data is flowing fast into company coffers every day, but despite this free-flowing river many brands aren't taking advantage. They either don't have the infrastructure or don't understand how to use the incoming information. Our expert offers advice.
Kristina: When you say 'monetizing data', what are you referring to?
Anabel Perez, President & CEO, NovoPayment: From the tiny ripples of single transactions to massive waves of batch settlements, this information comes from customers, merchants and even third parties. Most of this data is recorded and stored for invoicing, account statements, auditing and fraud prevention, but it's poorly exploited when it comes to generating new revenue sources and businesses.
Kristina: How can businesses better monetize data?
Anabel: 1. The initial step is to promote an informed discussion about the value you can begin to extrapolate from what you have and its potential value to others inside and outside your organization. What would it look like if your company started to institutionalize the capture, storage, analysis and application of data?
2. Establish the size and nature of the data that your company has by undertaking a comprehensive audit. Where is it stored? Is it centralized or dispersed? How many customer records and data points do you have? How far back do they go and across how many different markets? What kind of predictive insights and behavioral patterns might be possible with your data, such as: what do they buy, when do they buy and how often do they take out cash? Finally, what do you know about their demographic profiles?
3. To truly maximize revenue or any other tangible value from your data, someone must own responsibility for it. These experts are increasingly specialized and coveted talents, and like all human resources, recruiting is key.
4. Determining the best delivery vehicles for new data-based products or services targeted toward existing and/or new customers is a considerable, but worthy challenge. Through business analytics and intelligence, your newly collected and organized data will reveal insights and understanding into how your company's bottom line can be improved by.
5. As non-traditional or emerging-payment platforms (such as mobile phones and wallets) grow in use this represents a rich data pool.
More from Anabel and NovoPayment on Wednesday, including the challenges businesses must overcome to better monetize data.
Image via Shutterstock
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