Data analysis on the go is one of the most convenient and necessary additions to the world of data science. Performing analysis on your data, at your fingertips, not only speeds up the process of analysis but also gives organizations a level playing field for the future.
The importance of mobile technology in improving access to data cannot be understated. Organizations are now able to access data on the cloud through mobile technology easily. A recent study on this topic found that more than 96 percent of organizations reported that mobile technology had improved their data analytics procedure.
Knowing how important mobile access is, it plays an essential role in the monetization of your data. You can truly monetize your data through mobile technology and by incorporating numerous other tactics.
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Key Strategies for Monetizing Data
The market for big data is increasing and on the verge of widespread implementation across organizations on an international scale. We live in the age of data, and organizations recognize this fact and are looking for ways to adapt accordingly.
Almost every company has the potential to become a successful data company, but many cannot monetize their data. This is one of the major barriers stopping organizations from truly experiencing data success. With that in mind, here are some ways to monetize data streams at your organization for the future:
Develop a Healthy and Competitive Data-Driven Culture
To truly monetize your data, you need to start by developing a competitive and healthy data-driven culture within your organization. The data you have in your setup is worthless unless it is communicated across the whole organization. Don’t create data silos; instead, give governed access to all the people working with you. Your employees should have governed access to data so that they can make the right decisions at the right time.
|Read Five Ways To Cultivate a Data-driven Culture for Your Business|
Ensure Easy and Secure Access to Data
Gaining access to data should be easy and secure for all members of your organization. You can personalize the access specific members have to company data through the mobile device they are connected with.
The data that is granted access to should be actionable, and all employees should be able to collect the bits they want from it.
A mobile device can help with the connectivity piece, as you can use methods of secure recognition such as face or speech recognition. You can feed textual information regarding speech and facial patterns of employees to improve detection. Only employees that have access to the data should be able to open it through speech or facial recognition on their mobile phones.
Accessibility is an important part of data monetization, as any flaws in this area can come back to haunt your data monetization campaign. Accessibility should be made easy for all employees, but special measures should also be undertaken to ensure that certain parties aren't misusing the access.
You can also incorporate some of the latest methods for giving access to data for employees. These methods include the one by Sandvik Coromant, where factories install NFC chips on their premises, and employees can access the data they need while remaining on the physical premises of the organization. This is a useful trick for allowing access to everyone within the organization while also safeguarding the interests of the data at hand. Even the slightest flaw in security can lead to major repercussions, including the loss of important and secure data.
Augmented Reality or AR can virtually amplify the access you have to your data. Not only can it amplify this access, but it can also build a secure connection, where only those with the required access are able to access the data.
With the emergence of technology in modern organizations, companies are looking for ways to incorporate the best methods within their current processes. Augmented Reality can help with data management and monetization as it gives real-time and secure access to the data for all those who can influence it. With such mobile technology, organizations can monitor and manage big data on the go by incorporating AR within the setup.
Data Management and Advanced Analytics
A digital platform for data management is essential for providing comprehensive and elaborate solutions for generating analytics from data. An enterprise data platform should contain the following five layers:
- Modern Core IT
These analytics can help organizations improve the client experience and make their presence felt in every stage of their journey. With such helpful insights, organizations can improve their overall client deliverables and monetize their data through additional revenue streams.
An end to end data management system is the foundation for all analysis, as it tracks data throughout its stay within your organization and ensures that it is appropriately managed in the best possible way.
Processes and Delivery
This method follows a proper and continuous development process that helps customize your data and analytics for the target audience you have in mind. The end goal of your endeavors with data should be to improve client experience and ensure that they are satisfied with service quality. With this in mind, you should make sure that your organization is working towards continuous improvement and that the data plays a strategic part in helping you achieve the vision that you have associated with your brand.
Additionally, the presence of proper processes and delivery networks would ensure that the data is easy to access for all of your team members at all times of the day. You can use your mobile or any other portable device to connect to your data whenever you want. This level of accessibility is precisely what you require to push your data endeavors into the future.
Role of CDO
The CDO or Chief Data Officer is the protagonist or the leading figure within this move towards the future. The CDO is tasked with creating the right atmosphere for a data-centric culture, and for ensuring that your business can keep on par with the rest of the world when it comes to data management.
Not every organization has a CDO yet, and for those that don’t, they must be connected throughout the processes of data. This connection can only be achieved by using mobile technology for data analysis. When your team is connected on the go, they can better access the data at hand and form actionable insights on a real-time basis.
It is your responsibility to equip your team with the knowledge and skills that are required of them for benefitting from the capabilities of mobile analytics. Mobile analytics can help keep your team up to date with the latest trends, and with what is required of them in the future. Additionally, you can educate your team with the available courses and skills to fully embrace the mobile-oriented future of analytics.