In today's world, where data is collected at every interaction, be it over the phone or via mobile, PC, or sensors and with or without us knowing, it becomes important to have a strategy for the data. Traditionally, data has been seen as something used to run the business but in today's context, it can actually be the business if monetized well. An example of Internet of Things (IoT) data in a customer context is the wristband one wears at amusement parks that provides real-time data about customer interaction at all times.This data can be processed in near real time to push out relevant offers and alerts to enhance the customer experience. The question is how organizations prepare themselves to take advantage of data.
The key lies in building a modern data architecture that is open, flexible, and scalable, something that can accommodate your existing data assets as well as potential new ones. Before we talk about specific steps to modernize data architecture, let's look at typical challenges:
These are valid concerns, and some are more applicable than others based on the context. Nonetheless, given the inevitable need to be able to better monetize data and modernize technology platforms, it is important to have a strategy. I recommend the following approach:
Creating a holistic data strategy in light of changes in the business and taking a structured approach will definitely help lay a solid foundation that will be the basis for monetizing data.
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