Many service-oriented businesses revolve around the mission-critical data they require to successfully earn their keep. What many businesses are now discovering is that the data itself—data that’s necessary to run their business—can also serve as a sought-after, profitable commodity. CBIG Consulting is successfully leading the Big Data industry pack in this data monetization / data commerce revolution with our CBIG Monetization™ service.
CBIG Monetization™ is a robust methodology to help client businesses develop and implement constructive new approaches to realizing additional revenue streams from the extensive data they already have. Clients can use their data assets to build a foundation for other products or services that they can then sell—at a profit—to other companies who would benefit from the intelligence this data offers.
CBIG Monetization™ is all about business innovation, with CBIG’s experienced professionals assisting client executives in thinking outside the box to leverage all the buying information they’ve collected to successfully sell it to other affiliated concerns.
Our Market Opportunity Analysis helps customers resourcefully define concepts that have potential for further investigation and exploration into viable data-driven commerce. This analysis includes evaluating market size potential, revenue potential, profitability forecasts, competitors, risks, barriers, and market differentiators, among other data points, with the sky being the virtual limit in terms of all the novel ways companies can profit from their raw data, processed data, public data, behavioral data, purchasing trends, and more.
Next, we develop Proof of Value Concepts to determine the financial viability of proposed products or services, followed by Potential Execution Scenarios where we take into account possible partners, possible acquisition targets, and potential implementation schemes that would make the most sense for the type of enterprise or specific industry in which our customer clients do business.
Finally, we help manage the entire Realization Process with the assistance of marketing firms, technology vendors, and our in-house experts.
Below are just a few of CBIG’s highly creative data monetization endeavors on behalf of our client partners that may resonate with your own organization as your stakeholders explore potential new revenue streams from existing data assets:
- Sell market intelligence, or competitive intelligence that measures what, how much, and where competitive retailers are selling their products.
- Sell integrated public domain data and internet chatter data, which can be used to develop new products or services around that information.
- Extend or sell a proven business model that functions better than other business systems for that specific industry or business, including cleansing and enriching data, supply planning, inventory planning, and demand planning proficiencies.
- Sell specific, location-based marketing and sales data that has a domino marketing effect on other businesses (such as real estate buy/sell information to cellular, cable network, and moving companies, etc.).
- Sell retail sales data that can be used to build recommendation engines that respond to a specific customer’s buying preferences.
To minimize our clients’ cost of ownership, our CBIG Monetization™ specialists strive to work within the confines of existing platforms that our clients use to capture data whenever possible, making every effort to assimilate new protocols into current software and hardware systems. We also explore the use of low-cost cloud-based platforms such as Amazon Web Services and Windows Azure when we determine a client’s existing infrastructure is not up to the new task.
Just Getting Started?
If you’re just getting started down the data monetization path we offer interactive workshops and roadmap planning sessions using our proven CBIG Discovery™ approach.