Monetizing your Big Data
There is no argument that Big Data creates tremendous value in real money. Monetizing this value helps in many ways:
Creates other potential sources of revenue for your business
Develops better appreciation around Big Data in your organization
Helps better manage your Big Data investments
Establishes a deeper sense of ownership in your Big Data team
Earlier in the chapter, when we discussed valuation, we only considered the benefits to the business. Subsequently, we looked at the investments involved with realizing those benefits using Big Data. When you are pursuing monetization, you need to subtract the costs from benefits to understand the true value of data. So, in the remainder of this section, when we talk about value, we are referring to the net impact value.
There are many ways you can monetize Big Data; we will discuss three of them in this section:
Direct business impact
Selling data externally
Valuation of Big Data
Direct business impact
Direct business impact is...
