Business-to-consumer (B2C) corporations are at the forefront of big data management. They incorporate big data, data science, and AI/ML to explore the information related to their business market. Business-to-consumer organizations are generally in a better position to implement data monetization. They have direct access to the real-time consumer purchase transaction and data source types. Such consumer transactions also help companies optimize and monetize consumers’ decisions of what to buy and use. But how can B2B companies explore the concept of data monetization for their benefit? In his article for DataScienceCentral, Bill Schmarzo shares how B2B companies can improve their business operations by data monetization.
How Data Monetization Impacts B2B Data Source Types
Understanding B2B Designs
B2B companies are also known as B2B2C companies. Their operation model gives more opportunities to monetize critical decisions at different business points. Many organizations implement design thinking concepts such as stakeholder journeys to identify, validate, and prioritize their consumers’ demands. Journey maps give you a better understanding of the decisions you should make for your data products at both the business and consumer end.
How B2B Firms Can Optimize Data Source Types
B2B firms can optimize their partner companies’ crucial data decisions that further help them understand the market better. However, B2B businesses should also encourage the idea of data integration in different data source types. It enhances the overall product as a service model of the company. Schmarzo mentions that it is vital to understand how business capabilities impact your revenue structure.
How to Enhance Your B2B Data Source Types
B2B companies have to undertake various responsibilities at different ends, such as selling the product and licensing its value. Therefore, B2B companies must have a clear line of sight regarding their products and services. Combining AI/ML tools to improve data monetization makes companies more reliable, effective, and aware of the transforming marketplace.
Click on the link to read the original article: