Book Image

Making Big Data Work for Your Business

By : Sudhi Ranjan Sinha
Book Image

Making Big Data Work for Your Business

By: Sudhi Ranjan Sinha

Overview of this book

Table of Contents (15 chapters)
Making Big Data Work for Your Business
About the Author
About the Reviewers

Monetizing your Big Data

There is no argument that Big Data creates tremendous value in real money. Monetizing this value helps in many ways:

  • Creates other potential sources of revenue for your business

  • Develops better appreciation around Big Data in your organization

  • Helps better manage your Big Data investments

  • Establishes a deeper sense of ownership in your Big Data team

Earlier in the chapter, when we discussed valuation, we only considered the benefits to the business. Subsequently, we looked at the investments involved with realizing those benefits using Big Data. When you are pursuing monetization, you need to subtract the costs from benefits to understand the true value of data. So, in the remainder of this section, when we talk about value, we are referring to the net impact value.

There are many ways you can monetize Big Data; we will discuss three of them in this section:

  • Direct business impact

  • Selling data externally

  • Valuation of Big Data

Direct business impact

Direct business impact is...