6 Requirements for Data Monetization

When you’re ready to turn data insights into money-making data products that generate new revenue for your business, it’s time to find an “analytics ally” who can help you accelerate the process.

“The key to successfully monetizing data is seamlessly embedding analytics within an existing product or offering it as a white-labeled standalone portal,” says CITO Research in their latest Data Monetization whitepaper. “You can provide customers with additional meaning and context by partnering with a third-party analytics platform provider that allows you to embed content, collateral and media alongside data and visuals.”

“We needed to empower our information-hungry customers with the ability to unlock the power of our data with state-of-the-art reporting and visualizations!”

Sid Shetty
President, Consulting Services, VP Operations, ServiceChannel

At GoodData, that’s just what we do. And here, we provide you with some requirements that CITO Research recommends you keep in mind as you evaluate who will be your analytics ally.

What You Need to Make It Work

Embedded Analytics & White Labeling: To extend customization capabilities to your customers, you will need the ability to easily embed analytics in your product. To guarantee a scalable future for your new “data monetization” products, you’ll want to partner with an analytics engine your customers can subsequently embed their environment.

Integration & Analytics Flexibility: Be sure you can incorporate a wide variety of data sources to enrich your data, including cloud data sources that are delivered through an API.

Robust Security: Data products require strong security to prevent data loss. Also, the platform you choose must also provide fine-grained access control so that users see only the data they are authorized to see.

Support for Big Data Analytics: All data types should be welcome, from machine data to semi-structured social media data to location data coming from mobile apps.

True Partnership: Data monetization is new to most companies. Having a BI platform provider who can help you get your data products launched and offer you their expertise is an important differentiator.

Ease of Provisioning: It is important to choose a platform that enables you to automate the ongoing provisioning and configuration of the entire stack, so your data products can grow and scale.

Customers don’t need data – they need insights, and they’ll transform their business with companies that deliver. “Our overall user base has more than doubled over the past year, and our customers have launched 40+ new ‘Powered By GoodData’ products since the beginning of 2014,” says GoodData’s founder and CEO Roman Stanek. “Partnering with customers to achieve actionable, successful analytics is GoodData’s reason for existence.”