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Organizations new to selling data need to be concerned with privacy and Personally Identifiable Information (PII), data quality and accuracy, data transmission reliability, pricing, packaging, marketing, sales, support, etc. Companies such as Nielsen, Experian and Acxiom are experts at selling data because that’s their business; they have built a business around gathering, aggregating, cleansing, aligning, packaging, selling and supporting data.
So instead of focusing on trying to sell your data, you should focus on monetizing the customer, product and operational insights that are gleaned from the data; insights that can be used to optimize key business and operational processes, reduce security and compliance risks, uncover new revenue opportunities, and create a more compelling customer and partner engagement.
For organizations seeking to monetize their customer, product and operational insights, the Analytic Profile is indispensible. While I have talked frequently about the concept of Analytic Profiles, I’ve never written a blog that details how Analytic Profiles work. So let’s create a “Day in the Life” of an Analytic Profile to explain how an Analytic Profile works to capture and “monetize” your analytic assets.
Analytic Profiles
Analytic Profiles provide a storage model (think key-value store) for capturing the organization’s analytic assets in a way that facilities the refinement and sharing of those analytic assets across multiple business use cases. An Analytic Profile consists of metrics, predictive indicators, segments, scores, and business rules that codify the behaviors, preferences, propensities, inclinations, tendencies, interests, associations and affiliations for the organization’s key business entities such as customers, patients, students, athletes, jet engines, cars, locomotives, CAT scanners, and wind turbines (see Figure 1).