Organizations today are increasingly productizing their data and software to drive top-line growth and new revenue opportunities. They are leverage data as a strategic asset, converting raw data into actionable insights that propel business growth. One of the key strategies in digital transformation journey is data monetization, the process of generating measurable economic benefits from available data sources.
With the emergence of the data economy, the volume, velocity, and variety of data available are overwhelming. But in today’s world, where organizations generate vast amounts of data as a consequence of normal, daily operations, C-suite leaders who fail to capitalize on their data assets are making a critical mistake.
But What Data Monetization Is…? Is it putting your data to work?
Here is how Forrester defines data monetization
‘The process of leveraging your data to produce insights and decisions that grow revenue and improve your business.’
In simple words, data monetization involves converting data into revenue. This can be achieved directly by selling data or indirectly by enhancing products and services, improving operational efficiencies, or informing strategic decisions.
Businesses across various sectors, including retail, healthcare, finance, and manufacturing, are capitalizing on their data assets to create new revenue streams, optimize costs, and gain competitive advantages, often with the help of data visualization services.
As the method of transforming data into financial value, where data is treated as a business asset to achieve positive economic benefits, the importance of data monetization in today’s business landscape is crucial, as it possesses the potential to:
- Cut Costs: By leveraging data to drive decision-making, companies can uncover and eliminate inefficiencies, reducing operational expenses.
- Increase Efficiencies: Data-driven insights enable businesses to streamline procedures and operations, resulting in enhanced productivity and performance.
- Add Value for Customers: Turning data into revenue can result in the development of new products and services that improve the customer experience, thereby boosting customer satisfaction and loyalty.
While many organizations already use data internally, there are significant untapped opportunities in sharing data externally for both the company and its clients to gain from data monetization.
Data monetization is a strategic imperative that not only creates additional revenue sources but also drives growth and competitive advantage. Investments like BI integration can significantly amplify the benefits of data monetization for businesses across multiple industries.
What Numbers Have to Say?
- Deloitte – More than a third (36%) of executives surveyed in Deloitte’s 2023 Global Technology Leadership Study say they’re currently generating revenue from selling data, technology, or tech-enabled services. Another 16% expect to in the next two years.
- Allied Market Research – A report published by Allied Market Research shows the global data monetization market was valued at $2.1 billion in 2020, with a projected compound annual growth rate (CAGR) of 22.1 percent from 2021 to 2030.
- McKinsey Global Survey – A McKinsey Global survey found that respondents at high-performing companies “are three times more likely than others to say their monetization efforts contribute more than 20 percent to company revenues.”
- Data Bridge Market Research – In report published by Data Bridge Market Research, data monetization is forecasted to grow by 21.95 percent between 2022 through 2029.
3 Key Ways to Monetize Your Data
- Create new revenue streams – Diversify your revenue streams to boost profits.
To support this monetization strategy, your analytics solution needs to be –
Flexible, Scalable, and Secure – the answer is Tableau - Enhance customer relationships – Enhance the value of your product.
To support this monetization strategy, your analytics solution needs to be-
Customizable, Integrated, and Innovative – the answer is Tableau. - Improve operational efficiency – Maximize the value of your data investments.
To support this monetization strategy, your analytics solution needs to be:
Intuitive, Real-time, and Dynamic – the answer is Tableau.
What Makes Tableau the Right Data Analytics Solution for Data Monetization?
Embedded analytics aids data monetization with exceptional stability and robust insights, leading to outstanding business growth.
Tableau Embedded Analytics and data visualization services play a pivotal role in enabling data monetization, offering a powerful platform for integrating data insights into applications, processes, and client engagements.
Let us see why it is crucial for companies aiming to excel in the digital marketplace, especially with Tableau Embedded Analytics, detailing its benefits, case study, and Tableau implementation strategies.
Tableau, a top business intelligence (BI) and analytics platform recognized for its intuitive interface, robust visualization capabilities, and powerful analytics engine, extends these capabilities by allowing organizations to integrate better.
Tableau’s data visualization services and analytical functionalities are directly into their applications, portals, and workflows. This seamless BI integration enables end-users to engage with and explore data insights within their familiar settings, improving decision-making and driving business value.
Let’s highlight Tableau’s capabilities and features that support and facilitate the success of data monetization:
- Visual Analytics and AI
Tableau’s visual analytics and data visualization services are often praised for their ability to accelerate time to insight, offering a variety of visualization options out of the box. The AI-driven “Ask Data” feature has a natural language querying capability, which empowers users to self-serve insights without technical barriers. - Pre-built Metrics
Tableau’s pre-built metrics are a lightweight content type for tracking KPIs, providing a consistent and at-a-glance view of critical data. These metrics are optimized for mobile, ensuring users have access to important data anytime and anywhere. - Embedding and Integration
Tableau’s Embedding API is a means to seamlessly integrate Tableau content into web pages and applications, with customizable user experiences. Additionally, the REST API helps automate user, content, and permission management, enabling scalability and personalized experiences. - Security and Authentication
Tableau’s support for single sign-on (SSO) options improves user experience and integration while enhancing security controls. Additionally, row-level security is a way to ensure data privacy and compliance, restricting access to appropriate users. - Seamless Integration with Salesforce Customer 360
Tableau’s integration with Salesforce Customer 360 is a powerful combination that connects various aspects of the business through a shared view of customer data. This integration enhances customer experiences and drives data-driven decisions across the organization. - Licensing Options
Tableau’s flexible licensing models are highly beneficial, including usage-based, role-based, and core-based options, to accommodate the needs of different organizations.
As a robust and versatile analytics platform that supports data monetization through intuitive data visualization services, advanced analytics, seamless integration, and security features, Tableau is positioned as a critical partner in helping businesses unlock the financial value of their data assets.
Tableau Embedded Analytics offers a robust platform for integrating data insights into applications, enhancing user engagement, improving customer experiences, and creating new revenue streams. By following best practices in implementation and focusing on delivering value to end-users, organizations can successfully leverage Tableau Embedded Analytics to drive business growth and stay competitive in the data-driven economy.
Additionally, leveraging Tableau Embedded analytics can offer a roadmap for businesses to capitalize on their data assets by leveraging analytics tools and strategies to generate new income sources, enhance customer relationships, and enhance operational efficiency.
Transforming Retail with Data: How Ocado Retail Accelerated Growth and Innovation with Tableau Embedded Analytics
Ocado Retail, the world’s largest dedicated online supermarket, sought to leverage its extensive e-commerce data to provide real-time insights into product performance and customer shopping behavior for its suppliers. The goal was to create a data-driven culture within the company and enable suppliers to make more agile, data-driven decisions to boost sales growth, media campaign performance, and market share.
Ocado Retail integrated Tableau-embedded analytics into its operations, leading to the development of the Ocado Retail Data Platform. This innovative platform offers over 400 fast-moving consumer goods (FMCG) suppliers real-time insights through a suite of dashboards customized to their particular business requirements. The platform features a user-friendly interface that enables even non-technical users to create interactive, real-time visualizations easily.
Implementation and Results
Ocado Retail partnered with Biztory, a Premier Reseller Partner of Tableau, to rapidly develop the platform. The collaboration enabled Ocado Retail to combine the benefits of Tableau Server with the speed and scalability of TableauCloud, resulting in the platform being completed in just nine months.
- Revenue Growth: Suppliers using the Ocado Retail Data Platform have grown their revenue 4% faster than those not using the platform.
- User Adoption: The platform’s user-friendly interface has fostered a data-driven culture within Ocado Retail, empowering employees to make informed decisions based on the analytics provided.
- Supplier Confidence: The platform has become a significant differentiator in negotiations with prospective suppliers, instilling confidence in the quality and usability of the data provided.
- Expansion Plans: Ocado Retail aims to increase the number of suppliers utilizing the platform from 400 to 750.
The integration of Tableau embedded analytics has transformed the way Ocado Retail monetizes its data and interacts with its supplier community. By offering real-time insights and fostering a data-driven culture, Ocado Retail has not only established a new revenue source but has also paved the way for ongoing growth and innovation in the retail sector.
Uneecops – Tableau Software Solution Partner
Businesses can effectively monetize their data through embedded analytics and BI integration, especially by emphasizing the importance of leveraging data to make informed decisions that can reduce costs, increase efficiency, and add value for customers. Embedded analytics plays a vital role in delivering immediate reporting and engaging data visualization directly within business applications. However, selecting the right embedded analytics partner to maintain competitiveness and market share is also crucial.
With a legacy of over 10 years, Uneecops has established itself as the leading Tableau solutions partner in the industry. As Tableau partners in India with a proven track record of guiding enterprises with our Tableau software services, we navigate complexities, streamline processes, and empower your workforce to unlock the true power of data.
Discover the potential of your data. Learn how Uneecops+Tableau can help you monetize your data effectively!
