The Rise of the Chief Data Monetization Officer
SPONSORED BY NUTANIX
We've all seen the stats and hype on the data explosion and read that "data is the new oil," quickly becoming the world's most valuable resource. Revealing patterns and actionable intelligence lurk within data. The Holy Grail of data analytics includes the ability to run a business more efficiently, to conceive and launch new business models, to realize cost savings, and to generate new revenue. Success stories abound.
For the IT or business executive responsible for data monetization, the good news is that it’s easier than ever to mine data, thanks to automation and artificial intelligence. An automated, hyperconverged, cloud-based infrastructure makes it even easier.
Data Monetization Comes To The C-Suite
Whether they have the title “Chief Data Monetization Officer” or not, the person responsible for data monetization is assuming a role of great importance in enterprise companies of all kinds. Lucrative data monetization stories appear daily in business media.
Starbucks grew their business through a customer rewards program and mobile app that dramatically increased the customer data they previously collected. Now, the company has a window into the purchasing habits of customers at 25,000 stores worldwide, altogether generating 90 million transactions a week.
The 17 million Starbucks customers using the mobile app serve as a representative sample that provides analysts with data on where, when, and what is being purchased. Other data sources — such as customer interests, weather, holidays, and special promotions — are added to Starbucks analytics programs. The data is used to determine what products to sell, optimal sites for new store locations, and what perks to offer to enhance customer loyalty. Today, 40% of the company's revenue comes through this rewards program mobile app (which also allows ordering via the app and the ability to skip the line).
Retail franchises, hotels, restaurant chains, airlines, and other industries are using customer data similarly to run more efficiently, increase revenue, and personalize customer service. Getting the data is only the first part, though. Knowing which queries and hypothesis to test are equally important.
The Chief Data Monetization Officer should ideally be a tireless detective with a sense of urgency. They should be working closely with data architects and analysts across the business to craft the right strategic questions, to understand the implications of data insights, and to experiment with well-informed hypotheses. Data that is not mined represents lost opportunities for optimizing processes and resources, accelerating time to market, conceiving and launching new products and services, detecting fraud, and a long list of other business benefits.
Uncovering The Data Through An Automated, Hyperconverged Infrastructure In The Cloud
Complexity pervades the data lifecycle. Different databases, apps, networks, storage, and infrastructure bring structured, unstructured, and semi-structured data from customers, logistics, third-parties, and other sources to businesses. It’s all become a complex morass.
But thanks to innovations like automation and hyperconverged, cloud-based environments, this morass of complexity can be abstracted and simplified. The entire management lifecycle of databases, for example, can be automated and provisioned in one click. In the past, a new database request could take two weeks to fulfill, requiring the creation of storage and the provisioning, configuration, and backup of the database. Scripts would need to be manually written. Now, the whole process can take an hour and a half and is fully automated.
Automated, hyperconverged cloud environments can take over the management of workloads from a desktop environment, including databases, Windows and Linux servers, microservices, and unified communications. They can be used to enhance backup and security and to bring a cloud-like experience closer to corporate offices, Web environments, and where the customer interacts with your company. The management and operations of entire IT environments can be greatly simplified.
For the Chief Data Monetization Officer, that’s good news. By simplifying and accelerating access to data resources and analytics tools, the time to ROI can be greatly shortened in the race to cash in on the new “oil.”