">
TechMoran
  • About Us
  • Deals
  • Jobs
  • Motoring
    • Money
  • Pitch Your Startup
  • Submit Your Post
  • Freelance Gigs
  • Travel
  • Men’s Corner
  • Dating
Tuesday, January 26, 2021
  • Startups
  • Reviews
  • Insider
    • Obituaries
  • Business
  • Women
  • Blockchain
  • Columnists
  • Hacks & Facts
    • How To
  • Editions
    • US Edition
    • India Edition
    • MENA Edition
    • Asia Edition
    • Europe Edition
    • International Edition
No Result
View All Result
TechMoran
">
Home Business

A Piecemeal Approach to Turning Data into Revenue

Brian Wafula by Brian Wafula
7 years ago
in Business
7 min read
0
Ayanda

Ayanda

By Ayanda Dlamini, Business Development Manager, LGR Telecommunications

Data monetisation – the art of turning information into actions that generate business revenue – is generating a lot of interest among enterprises around the world. The possibility that information can be collated and analysed, to deliver the silver bullets that improve enterprise bottom lines, is a very attractive one to enterprises and their financial management.

But there are concerns about the size of the investment and the high end skills needed for enterprises to maximise the value of their data. In some respects, it is a valid concern. An all-encompassing approach to harnessing all internal and external, structured and unstructured data and running real-time analysis of it all would indeed require a significant investment in technologies and skills. The good news, however, is that monetisation of data can also be approached in a piecemeal fashion. Most enterprises can take immediate steps to improve the business value of their data, using their existing technology resources.

Ayanda
Ayanda

Enterprises can begin by taking a fresh look at their internal data sources, where they typically have extensive data on customers they already have. By applying new analytics models and innovative approaches to the use of their existing data, enterprises are likely to identify customer behaviour patterns useful for sales planning, opportunities for upselling and cross-selling, and areas where operational improvements can reduce spend – which is in itself a revenue opportunity.

If we consider that bottom line depends on both income and expenditure, it makes good sense to turn to existing data for insights that help drive down costs. Better data analysis may help enterprises to reduce fraud and risk by identifying possible risk factors in particular regions or customer segments, or by highlighting patterns of behaviour that may indicate fraud. Enterprises might also apply reporting tools to discover more efficient routes to deliver goods or better mechanisms for service delivery to particular customer segments.

READ  Here’s an Email Communication Strategy That’ll Show Your Investors That Your Serious

Enterprises may then go a step further, and tap into readily available data that may not require a significant upfront investment. There are many opportunities for enterprises to understand customers’ consumption patterns, sentiments, and even their location, based on readily-available information. This may come from social media, in the case of telcos it may include interconnect data, or it may even include data shared or traded across industry verticals. The sharing or trading of data raises some compliance questions, but in reality all indications are that data trading already takes place.  In South Africa, we are not yet seeing an integrated partner approach to data monetisation where efficient platforms are put in place to maximised the value of content.

It should be noted that the use of aggregated data should be approached with caution in our regulatory environment. Enterprises may make use of certain aggregated data in which the personal element is removed, but it is not always clear whether enterprises have the processes in place to ensure that all the data is being stored, managed and used in a compliant way. Enterprises will need to put processes in place to ensure the data in use complies with law and that they have the necessary tools around master data management at entry points, to process the data in such a way that they remove the personal information. This also drives a need for IT and data management professionals to work closely with compliance and risk management professionals.

Related posts

Customer Service Lessons From Leading Brands Including CarGuard’s Trevor Smith

January 21, 2021
0

Mastercard, Unilever & KCB Bank to pump over $150,000 into SMEs in Kenya via their Jaza Duka program

January 18, 2021
0

Cellulant Group CEO Ken Njoroge to step down in June

January 14, 2021
0

The Fool-Proof Strategy For Business Owners To Find The Perfect Office Space

January 13, 2021
0

Sharing data across an intelligent platform in a regulatory compliant way would offer enterprise partners numerous opportunities to optimise the use of that data, gaining newer and deeper insights into their customers’ behaviour and preferences. Done well, this could also result in customers receiving less broad-based marketing and more targeted offers they may actually be interested in.

READ  CEO Weekends: Inventure's Mkopo Rahisi wants to break banks in Africa

With CEOs focusing increasingly on extracting full value from customers and growing revenue, while still controlling costs, better use of data presents unlimited potential for business. Unlocking the value of data simply requires the right tools and more innovative thinking.

Readers 883

Share

  • Click to share on Telegram (Opens in new window)
  • More
  • Click to share on Tumblr (Opens in new window)
  • Click to print (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Pinterest (Opens in new window)
  • Click to share on Reddit (Opens in new window)
  • Click to share on Pocket (Opens in new window)

Like this:

Like Loading...

Related

Brian Wafula

Brian Wafula

Related Posts

Business

Customer Service Lessons From Leading Brands Including CarGuard’s Trevor Smith

January 21, 2021
0
Business

Mastercard, Unilever & KCB Bank to pump over $150,000 into SMEs in Kenya via their Jaza Duka program

January 18, 2021
0
Business

Cellulant Group CEO Ken Njoroge to step down in June

January 14, 2021
0
Business

The Fool-Proof Strategy For Business Owners To Find The Perfect Office Space

January 13, 2021
0
Business

UAP Old Mutual launches digital last expense cover for as low as Ksh 50

January 13, 2021
0
Business

How to Use Podcasts and Online Information to Enhance Ventures

January 6, 2021
0
Business

Equity Group crosses the trillion-shilling balance sheet milestone

December 23, 2020
0
Business

Econet Group’s Strive Masiyiwa Appointed to Netflix Board of Directors

December 17, 2020
0

https://bit.ly/2VOxuoBhttps://bit.ly/2VOxuoBhttps://bit.ly/2VOxuoB
ADVERTISEMENT

Join our Mailing List

Loading

Recent Posts

AGPO Certificate – How to obtain an AGPO Certificate?

January 25, 2021

How to Register a Marriage Online.

January 25, 2021

How to Restore your Lost Contacts on your Android Phone.

January 25, 2021

Finnfund & Norfund double Starsight’s funding to $20 million for Ghana expansion

January 23, 2021

African tech startup funding passes $700m in 2020 despite COVID-19

January 23, 2021
">
">

Follow Us

">

There are many sites out there focused on blowing off some steam, from funny entertainment to thrilling experiences like playing online, in some cases online gaming could grant you the chance to win extra money. We came across rocketpot.io while browsing for a good btc casino online and it left us a very good impression with their wide variety of games and crypto offering.

Privacy & Cookies: This site uses cookies. By continuing to use this website, you agree to their use.
To find out more, including how to control cookies, see here: Cookie Policy

© 2019 Moran Media Group - All rights reserved TechMoran.

No Result
View All Result
  • Startups
  • Reviews
  • Insider
    • Obituaries
  • Business
  • Women
  • Blockchain
  • Columnists
  • Hacks & Facts
    • How To
  • Editions
    • US Edition
    • India Edition
    • MENA Edition
    • Asia Edition
    • Europe Edition
    • International Edition

© 2019 Moran Media Group - All rights reserved TechMoran.

Login to your account below

Forgotten Password? Sign Up

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
%d bloggers like this: