The world of business is all about making money. Whether it’s through selling products or services, or through investing and making a profit from that investment, businesses exist to make a profit. And in order to make the most money possible, businesses need to be able to understand their data.
Business Intelligence (BI) is the process of gathering data, understanding it, and using that understanding to make better business decisions. BI can be used to track performance, spot trends, and understand what customers want. And all of that information is incredibly valuable to businesses.
Well, according to Markets and Markets research, the BI market is expected to grow from $12.8 billion in 2017 to $21.3billion by 2022. That’s a compound annual growth rate of 11.7%. And as more and more businesses move to the cloud, that growth is only going to continue.
But just what do businesses do with all that money? There are a few ways businesses can monetise their BI data:
1) Selling the data itself
2) Using the data for marketing purposes
3) Offering consulting services
4) Selling software or hardware
5) Offering data-related training courses
6) Creating an AI/machine learning platform
Let’s take a look at each of these in a bit more detail.
1) Selling the data itself: This is probably the most straightforward way to monetise BI data. Businesses can simply sell access to their data sets, either outright or through subscriptions. This can be done internally, or through third-party providers such as Amazon Web Services (AWS) or Microsoft Azure.
2) Using the data for marketing purposes: Another way businesses can monetise their BI data is by using it for marketing purposes. This could include using it to create targeted ads or customer profiles, or even using it to create predictive models that help with things like customer churn prevention or targeted marketing campaigns.
3) Offering consulting services: A third way businesses can monetise their BI data is by offering consulting services. This could involve helping other businesses set up their own BI systems, advising them on how best to use their data, or even helping them with specific tasks such as data analysis or dashboard creation.
4) Selling software or hardware: A fourth way businesses can monetise their BI data is by selling software or hardware. This could involve selling tools specifically for working with BI data (likeSQL Server), tools for analysing and visualising data (like Power BI), or even complete BI systems (like Microsoft Dynamics 365).
5) Offering data-related training courses: Another way businesses can monetise their BI data is by offering training courses related to working with that data. This could involve teaching people how to use specific software tools, how to analyse and interpret data, or even how to create dashboards and reports.
6) Creating an AI/machine learning platform: Finally, another way businesses can monetise their BI data is by using it to create artificial intelligence (AI) or machine learning platforms. These platforms can be used for tasks such as predictive modelling, natural language processing (NLP), and image recognition.