How to make money big data

And just when the world begins to figure the internet out, it changes. Mona M. Information can be the cornerstone of new businesses or help extend existing ones, it will become a new production factor or a new type of capital. At DataBeat, RMS executives will talk about how previously, its customers had no easy way to access data that was scattered across their various business units.

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The digitization of business continues apace; every company is challenged by competitors that are leveraging the Internet. The market pressure to invest in disruptive product and service mqke projects leveraging the cloud is at its highest point. Marry this need with new technologies to manage and understand the massive amounts of data that companies are generating, and suddenly there are all kinds of new commercial opportunities. In fact, entirely new business models emerge. Leading companies are now moving beyond the challenges of how to make Big Data available in one place for managing it to allowing hundreds or thousands of people to use it in ways that create real business value.

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The digitization of business continues apace; every company is challenged by competitors that are leveraging the Internet. The market pressure to invest in disruptive product and service development projects leveraging the cloud is at its highest point. Marry this need with new technologies to manage and understand the massive amounts of data that companies are generating, and suddenly there are all kinds of new commercial opportunities.

In fact, entirely new business models emerge. Leading companies are now moving beyond the challenges of how to make Big Data available in one place for managing it to allowing hundreds or thousands of people to use it in ways that create real business value. Companies have started to understand the data they have and are building strategies around it.

Their focus: How can we productize the information and make money from new businesses or services based on it? Create a business model around a service that helps traditional companies take advantage of their own Big Data.

This strategy is especially great for startups. An example is edo interactive, a Silicon Valley company that created a service for credit card companies. As edo observes a consumer buying something at a store, it delivers a digitized discount offer right at the point of the transaction. Although the credit card companies possess the Big Data, some are currently unable to capitalize on it. So startup edo created a service that consumes Big Data coming from its customers credit card companies in a way that the credit card companies want to pay for it as a service.

Someday the credit card companies may decide to do this for themselves and thus lower the cost of this service. But until they reach the point of overcoming their legacy operations, they will buy such services from more nimble, innovative startup companies like edo. Aggregate data from various sources and make it available to organizations that want to consume it. New business models are also arising from this data-aggregation strategy, both in for-profit and non-profit organizations.

Not all of the models generate revenue, but all generate value for the users of the data information. Medical Data Vision develops management support software for hospitals and health clinics throughout Japan. MDV offers an evidence-based medicine service that collects and shares medical data from public and private healthcare centers across Japan.

MDV aims to improve the quality of medical care by analyzing and sharing medical results with pharmaceutical companies for epidemiological studies, market research and further drug development. University of Oxford Clinical Trial Service Unit CTSU extracts and analyzes data that pertains to the causes, prevention and treatment of premature death and disability worldwide.

They study the causes and treatments of chronic illnesses such as cancer, heart disease and strokes. The Oxford CTSU curates many thousands of pieces of information from over half a million volunteers and makes it available anonymously to the worldwide scientific community.

Scientists all over the world can then use that data to find out more about the causes of illnesses, the links between the causes and diseases, and hence improve prevention and treatment.

To do this, Oxford CTSU had to build a Big Data IT solution to identify, manipulate and extract exactly the data that researchers need and make it available to them within extremely fast timescales. Social media companies have truly led the charge in commercializing Big Data. Badoo is an example of a social media company now using its customer behavior data to generate content targeted at the interests of specific users.

IsCool Entertainment is an online gaming company that created a new business model around Big Data. As with all advertising, the more you can advertise to the right people, the more you sell how to make money big data the more money you make.

Until recently, many companies lacked visibility into their Big Data. Either they were unable to capture it or unable to store it. Where it did, people often lacked access to it. It was in some kind of rarified data center environment or it was too expensive to get in there and use it in a practical way for the business.

Traditional companies are transitioning their IT to be able to commercialize Big Data opportunities, but startups are leading the way, for sure. A word of caution for someone in a large company who is trying to build a new business unit on a Big Data commercial opportunity or for an entrepreneur launching a new company in this arena: Be sure you marry your vision as a business strategy with the technology strategy.

The new digitized business model generates tons of data, as do new mobile devices. Devices and technologies are now generating data about when and how much time people spend consuming it.

Plus transactions of buying online are generating data what did the consumer buy, how much was she willing to spend, how far in advance did she buy or how long did she wait before buying. Companies need the tools to be able to handle all this data and capitalize on it. Its high-performance analytic database allows companies to manage Big Data and deliver it either into business intelligence tools or into application services such as what edo provides.

With the new data types and volume of data, pricing of traditional database solutions is not affordable for small businesses and startups — the companies that are nimble enough to quickly create new business opportunities from Big Data. Vectorwise was built to optimize the Intel x86 chip architecture, making its hardware requirements a fraction of the cost of leading solutions. See the SandHill. This will change the game to another level of innovation. There will be a new spurt of application and business model development around the gargantuan volume of information.

Kevin Cox is vice president of Corporate Marketing at Actian Corporationa leading analytics database company helping companies tackle Big Data. Earlier he worked for prominent marketing agencies. He was named a top digital marketer of and by B-to-B, the Magazine for Marketing Strategists. Thank you for this article. In order to post a comment, you must complete the fields indicated.

Your comment has been submitted for review and will be posted to this article as soon as it is approved. Keep informed on all that’s going on in the software, cloud and mobile industries by signing up for SandHill’s weekly how to make money big data. First Name. Last Name. Create a business model around a service that helps traditional companies take advantage of their own Big Data This strategy is especially great for startups.

Aggregate data from various sources and make it available to organizations that want to consume it New business models are also arising from this data-aggregation strategy, both in for-profit and non-profit organizations. Analyze consumer behavior data to generate revenue from targeted advertising Social media companies have truly led the charge in commercializing Big Data.

Uncovering Big Data opportunities Until recently, many companies lacked visibility into their Big Data. Traditional companies vs. Tools for capitalizing on Big Data The new digitized business model generates tons of data, as do new mobile devices.

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Weather forecasting companies like Foreca can help tp retailers optimize their advertising to match the weather conditions e. Spitzer advises, «With big data, it’s all about identifying what’s coming up, as it is coming up How to make money big data can be the cornerstone of new businesses or help extend existing ones, it will become a new production factor or a new type of capital. Featured author. An example: Oikotie. The general trend is that once a startup has defined its core product and is off the ground to become attractive and get acquired by one of the giants like IBM, Google, and. Businesses can thus get a snapshot of closely and loosely related fields that affect their operations. We help companies understand the commercial opportunities digital data provides and believe that these two ways are necessary, but just not. Jasmine Morgan. For the sake of full transparency, the writer of biig blog used to work for Oikotie.