Subscribe to DSC Newsletter

Just get rid of your billion dollar Data

Data isn't your business.It's just by-product of doing business.I know you want to get rid of those redundant data which suck up a lot of storage space.From years companies are known to pay extra to eradicate waste leftover from the production process.Times have changed, though. Through genius innovation, many entrepreneurs have taken what was once useless sludge and transmuted it into massive profits.

After yielding their finished product, breweries in the late 19th century were left with thousands of pounds of excess yeast and frothy liquid leftover from the manufacturing process. It was common practice to dump it all down the drain, rendering it useless, but German scientist Justus Liebig desperately wanted to find a way to make it edible. Seeing the vast quantities of wasted product that he could attain for free, he accidentally discovered that the yeast could be concentrated, bottled, heavily salted, and then eaten. He called his product Marmite. It ended up being a massive success in countries like Sri Lanka and Britain, and it was a mainstay in the cost-efficient rations of soldiers in both world wars. To this day, the company still manufactures over 24 million jars a year and is so popular that it has created a competitive market with other companies, such as Vegemite.

In Era of IoT and connected devices, companies are awash in data, but monetizing it is still a challenge for many.You don't need to be data company like linkedin or zillow to generate significant revenue from your data.Data monetization demands more than just technical talent.It's not about empowering your employees with new skills.It's Mindset shift.It won't happen until you consider data as asset and talk in terms Data,share the details about what kind of data you are considering to stakeholders etc.

There is no one-size-fits-all approach to data leadership.No matter what industry you are in, we can devise right business and technology adoption strategies to milk the most from your harvested data.

Nedbank Case Study:

Key to Nedbank's strategy is a new commercial data service for clients, Market Edge. Nedbank's has unique blend of data like credit and debit card information with geolocation, demographic, and other transactional data which can help merchant to develop strategy according to customers behaviors; patterns that would have been difficult to identify without the new tool.Market Edge can also help merchant in inventory management, and set staffing levels by using consumers' transaction histories.

Utility Data as a Service:

Looking at similar industries and the scale of the opportunity to monetize data, we see that a market for ‘telco data as a service’ is potentially worth $79 billion by 2020 according to 451 Research. Connected home and smart city along with traditional DER opportunities (asset ownership) will create deluge of data with largest opportunity for utilities.For example, in terms of data streaming, use cases include device monitoring and control at the meter premise, demand response, DER dispatch, and settlement and interfacing with on premise devices (e.g., building management systems) or offering energy management and related services. Google’s $3.2 billion acquisition of Nest in 2014 was less about a device sales play (breaking even only if they sell to the majority of US homes by some estimates), but more about a data play.Nest provides Google with a strategic advantage in the IoT market through data, immediately creating new opportunities in the home.

Connected car with Project 26:

Autonomous car driving is next big thing with big name like google,Uber,Tesla and Apple.But How Volvo will disrupt this market? Will Volvo able to compete with this big AI giants?

I don't know-But that's not even volvo trying to do with IOT. As I mentioned earlier you don't need to be data company for data monetization and volvo is live example of that.Volvo key strength is Safety not elegant UI or cutting edge features. Project 26 is based on research that the average commute for a Volvo Cars customer is 26 minutes long. Volvo Cars is capitalizing on data and advanced analytics to build a vehicle that gives drivers (or people who are supposed to be driving) alternatives while their cars drive them; designing the driver’s seat to turn into a desk for a mobile office, tailoring the dashboard to play entertainment, or do email. All of this fulfills Volvo Cars’ brand promise to be “designed around you and mean while Volvo cars will detects that it is slippery on a certain stretch of road to make other connected cars aware of this via the Volvo Cloud so they are forewarned.In addition to providing safety information to drivers, this technology can be used by municipalities to optimize traffic lights and speed limits, and to re-route traffic based on real-time data.

In addition to the aforementioned uses, Volvo Group CIO, Klas Bendrik hinted at the possibility of “smart cities” using connected street lights to illuminate slippery road sections in another color when they are detected by a connected car. Clearly, Volvo has many innovative concepts for how this technology could be applied in the future.

you are only limited by your creativity and willingness to mine data.

Views: 1071

Tags: BigData, DataMonetization

Comment

You need to be a member of Data Science Central to add comments!

Join Data Science Central

Videos

  • Add Videos
  • View All

© 2019   Data Science Central ®   Powered by

Badges  |  Report an Issue  |  Privacy Policy  |  Terms of Service