“It’s difficult to imagine the power that you’re going to have when so many different sorts of data are available,” predicted Tim Berners-Lee, inventor of the World Wide Web in 2007.
Ten years on, businesses have never had as much data–and power–as they do now. What’s more, data exchange (sharing and compiling data) between industries is on the rise, meaning this trend is set to continue. The sharing of this intelligence represents an opportunity for some companies to better understand their audiences and improve customer experience, and for others to unlock new revenue streams.
A Real Data Exchange Use Case
Operators like Telefonica are using big data to understand television audiences and their usage patterns, allowing the operator to build personalized recommendations for them based on context, time of day, or device. Telefonica’s deep understanding of its customers is also valuable to content providers and media producers who want to tailor content to their audiences.
This means that Telefonica is able to take anonymized television intelligence and share it with advertising agencies and media producers, which helps them better understand the market and the impact of their content on the audience. By taking a proactive approach to data monetization, Telefonica has been able to capture 30% of Spain’s lucrative digital media and advertising market, compared to the 2% telecoms operators contribute, on average, to the advertising value chain.
For more information on use cases, read our free guide, “Big Data Use Cases.”
Monetizing Location Insights from Data Exchange
Retailers are also partnering with communications operators by using anonymized and aggregated location insights to improve store location planning and layout as well as assessing staffing requirements. Europe’s third-largest mobile operator, Turkcell, is using data analytics to deliver location-based services and promotions via SMS, ensuring they’re received when and where they’re most relevant. Data exchange is also enabling advertisers to optimize location and content of billboards, based on the demographics present in each area.
Looking further afield, insurance companies also see the benefits of this approach. For example, by analyzing a range of data sets, such as GPS data from customers’ cars, Generali can track telematics and accident data to identify driving behaviors and patterns that may have contributed to an accident, improving customer profiling and helping actuaries with fraud detection.
Yet despite the market opportunity of data monetization representing 10% of the total revenue worldwide for telecom service providers, only 0.2% of the industry’s revenue today is generated this way. Businesses are currently sitting on a goldmine of untapped data.
More Benefits of Data Exchange
The exchange of data between industries has a larger potential too: to better serve the way we live. Cities are beginning to analyze geo-data from telecom networks to inform the planning of new developments, transport links, parking sites, and traffic flow. As smart meters become more prevalent, utility companies will be using in-car telematics data to better manage the demand electric vehicles will place on the grid.
Emergency services are also looking at telematics data so they can dispatch teams more quickly in the event of an accident. Watch the model race demo below to see how emergency response systems can be linked to a vehicle so that if a crash does occur, the emergency systems know how serious the crash is and how many people are involved. This ensures those teams arrive with all the information available on the incident.
Success in an ever growing data-led market will depend on the willingness of businesses to explore new ways of using data. As evidence is growing, it’s clear that data exchange is a valuable tool for some businesses to grow revenues through new streams and for others to glean new consumer insights. But, as author Richard Bach once said, “Any powerful idea is absolutely fascinating and absolutely useless until we choose to use it.”
From data scientists and analysts, who work closely with company data each day, to business leaders exploring new ways to improve the way they work, Oracle has a set of rich integrated solutions for everybody in your organization.
Read our free ebook, “Driving Growth and Innovation Through Big Data” to learn more about companies that uncover new benefits across their business.
This post is an article from Amine Mouadden (Director, Big Data Communications & Media, Oracle EMEA). Follow him at linkedin.com/in/mouadden
,2 External Data Monetization: CSPs Should Cautiously Invest In New Service Offerings To Increase Revenue, Analysys Mason, June 2016