To make money from data requires insightful data.

Data monetization is generally understood as the “process of using data to obtain quantifiable economic benefit” (Gartner Glossary, Data Monetization). Three typical ways to achieve this, include:

• Using data to make better decisions and thus enhance your business performance
• Sharing data with business partners for mutual benefit
• Selling data as a product or service

Whichever way you choose, data monetization gets more profitable if you can provide context to the data and make it insightful. The more insight your data provides, the more valuable it is. Take as an example a person about whom you know the job title. That is basic master data. Adding to that information the insight that the person has recently changed jobs, can open new business opportunities or guide your marketing efforts to be more targeted. Perhaps the job change entails a salary increase, a change of location, new business connections, etc.

In this article, you will find some data monetization examples and use cases and learn how master data management, specifically multidomain master data management can help provide data insight.

In short, master data management (MDM) can help build insights by adding context to information and creating 360° views of customers and businesses. Multidomain MDM is characterized by common governance of different data domains, thus revealing enhanced insights at the intersections of those domains.

• Learn more about Multidomain MDM

Manufacturing companies can benefit greatly from mastering their vendor data to capture the significant potential for better decision making and quicker time-to-market.

Fuel data-driven experiences to engage the empowered digital automotive customer

The road ahead is wide open. For automotive aftermarket companies, it means a strong shift into connected commerce, search, and expanded capabilities to reach consumers in digital channels. Product data has always been important but more comprehensive support of the customer journey and customer experience is needed. 

Midway through what was supposed to be a recovery year, some retailers are still struggling. Better data may hold the key to their success.

The pace of change in retail since the spring of 2020 has been well documented around the world. Heroic efforts and incredible teamwork were required to restock stores with essential products in record time. Retailers quickly transformed their operations by creating safe in-store environments, transitioning non-customer-facing staff to work from home, and finding ways to communicate and serve customers through increasingly digital approaches.

Multidomain master data management (MDM) gives personalization strategies a better start in life

Customer experience starts with understanding what customers want. Multidomain master data management is a key discipline to help in the successful development of a personalization strategy. Multidomain MDM can help you build a 360° view of the customer that is needed to fuel personalization and hyper-personalization strategies with the right insights.

Grocery is one of the retail sub channels that is poised to gain most from digital transformation.

The COVID-19 pandemic has permanently changed how we shop for groceries. Online grocers and fresh food delivery services are experiencing a rise in demand that can be hard to manage for those who are lagging digitally. Consumers expect expediency, transparency, and a seamless digital experience.

Your MDM roadmap should be embedded in an overall MDM strategy methodology.

There's no one-size-fits all. A suggested methodology for master data management (MDM) strategy and data governance initiatives typically include the following phases:

1. Education
2. Readiness assessment
3. Strategic roadmap
4. MDM software selection
5. Business case

High-quality master data and transparent processes are necessary to protect and grow your business. Master data governance helps you achieve it.

Transparency and high-quality master data are essential to everything related to your business: revenue growth, operational efficiency, risk management and compliance, analytics and digital transformation; and your ability to control costs and be agile.

The following discusses what master data governance is, why you need it, and how to implement it.

The importance of data integrity in delivering an optimal digital experience for customers

Shopping behaviors shifted dramatically last year as consumers adopted more digital tactics across the entire shopping journey. Many consumers engaged in digital activities throughout the shopping process such as researching and purchasing products online or selecting different delivery options. These retail trends are here to stay, according to a McKinsey survey, which found that 71% of apparel shoppers and 66% of grocery shoppers who used digital shopping services for the first time during the Covid-19 crisis will continue to do so after it ends.

Five steps to unlock the value of your data and achieve compliance, using approved data management principles

As your company’s connected and online business activities increase, so does the data generated by these interactions. But, how are you using this data? Are you harnessing the insights it imparts to increase sales or launch new products? If not, why not? This post gives you 5 steps on how to improve your data management efforts.