Saying that data is the digital fuel for generating revenues is easy. The “how” of monetizing data requires a lot more thought and work — and even more data.
Manufacturers generate data from business and product systems, from robots, and from sensors on equipment, finished products and even employees. Feeding this data into analytics engines can help manufacturers achieve better situational awareness of their supply lines and factory floors and take steps to anticipate and avoid expensive incidents or streamline operations to save costs.
Manufacturers may also use this data to develop new markets and revenue streams — if they combine their data and insights with those from other companies, many of which may not be part of a traditional manufacturing value chain. The participants in this “data ecosystem” must derive insight from shared data to create new, personalized solutions for customers.
Delivering experiences based on insight may not even require retooling a product or reconfiguring a production line. To a great extent, monetizing data is about adding value to systems, products and services already in place so they can provide the solution — aka a delightful experience — a customer requires at a specific time and context.
View the following video to learn more about the opportunities of data monetization for manufacturers, what it means to participate in a data ecosystem and the skills needed to open new market channels and revenue streams.