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1. Sale of knowledge to clients
Enterprises have become aware of the importance of having access to information, as well as the new ways of doing things that capture and analyze information. They have begun to grasp and recognize what invaluable information they have. They collect it, analyze it and use it to enhance their businesses and processes.
They have also begun to research mechanized learners' tools that will help them resolve difficult issues that can be solved by using large amounts of information. But the two most visible ways for businesses to commercialise information are: It collects and analyzes information for developing better quality and value -added solutions for our clients.
As a result, more revenue, more value-added product or more completed transactions are generated. Using information, it identifies issues and constraints in your in-house process that are then addressed to increase your company's effectiveness and return on investment. Helping businesses better grasp the potential offered by e-commerce, we believe these two paths are necessary, but not enough.
Businesses need to go beyond the apparent and employ creativity in commercializing information. Usually they have mastered the structural engineer-like processes of capturing and analyzing information, but have failed on the innovation and business side of things. Do not use and commercialise all the information they have.
Our aim is to introduce new, innovative ideas into the marketing of information and to open up prospects that businesses are less likely to exploit. Below are six inspiring ways for businesses to make money with their information and practical examples that demonstrate how it works in use. It makes good business sense to take over and aggregate and enrich your current information and then sell it to your clients as new, invaluable insight.
Reporting, on-line dashboards and indices can be stand-alone offerings that integrate with the company's current offerings and help raise the cost of the package that is being shipped to clients. They can be enhanced with automated training tools to help clients get what they need or interactively engage with the market. It is the function of a business organisation to maximise turnover.
Information can be a very efficient instrument to achieve this goal. Intelligent organizations support their salespeople with comprehensive records that help them quickly pinpoint issues and potentially migrating clients and contacts. Using information, the field can create better demonstrations of products, enhance client services, and apply a customized selling proposition to address them.
Intelligent businesses are positioning themselves as excellent information guides, and salespeople are playing an important part in communicating this messaging to them. Kone, the Finish lift and elevator manufacturer, is a good example of a business that has provided its field service with easy entry to precious information. By meeting a client who has a Kone lift or moving staircase in place, a representative is well aware of the state of the equipment, as well as any issues, and can help the client get the most value out of the equipment.
This often results in extra service and/or parts purchases. Information that can tell us something about the consumer and their interests can be used for our own promotional and promotional purposes. There are two options: either the organization uses its information to improve its own merchandising and publicity, or it resells its information to other organizations so they can do it.
Foursquare, the searching and exploration tool, markets its information to retail customers so they can tailor their outside advertisements and on-line merchandising to the route travellers take to find their way around the town. Mediacompanies gather information about people's interests - e.g. sport, eating, clothing, etc. - in the form of digitized information. Forecasts such as Foreca can help apparel retail stores adapt their ads to changing climatic patterns (e.g., selling raincoats, swim suits, and snow jackets). E-commerce businesses such as Zalando gather information about incomplete trolleys in their retail offerings and direct their own ads to Facebook ads and other outlets of these prospective customers.
Sale of information to stakeholders along the value creation cycle of the sector. Businesses often consider their businesses as "silos" and the information they have that they have deduced from their own operational and consumer interaction. Actually, they have operated in networking and value creation networks where end user supply is the outcome of the collaboration of several collaboration organizations.
Over the past few years, many organizations have become aware of the fact that these interconnected enterprise settings are creating ways to share and use information from enterprise to enterprise. Information can be an important factor in optimising operation and collaboration between stakeholders in the value creation process. Enterprises can monetise their information by reselling it to their sellers and distributors along the value creation chains or by reselling it to retail traders, distributors and other distribution related parties along the value creation chains - or both.
Providing information from one company to another is typically part of the value chain in the manufacturing industry. Tamro, the Finish pharma distribution company, is selling information on Finns' pharmacy purchase to regional chemists who are able to benchmark their own turnover against that of their rivals and optimise their presentation of medicines and inventory in shops. We also sell information to pharma companies such as GSK and Novartis, who then use the information to price their medicines.
At Tamro we use our information very skilfully both upwards (pharmacies) and downwards (pharmaceutical manufacturers) in the pharmaceutical value added chains. One less apparent way to monetise information is to search outside the company's sector or value creation supply chains. A number of stakeholders may be interested in learning about business activities, consumers' behaviour or other issues of relevance.
Those gamblers may find themselves in unexpected squares. Enterprises should proactively identify these actors and discover common possibilities for innovation. As a result of a change in EU law, retailers such as Nordea and Danske Bank are obliged to open their account and payment details to others. It opens up profitable new commercial possibilities for businesses such as financial institutions, information service providers, telecommunications and others with the ability to develop new types of electronic service on the basis of customer bankings.
A further example of what can potentially happen comes from the apparel industry: businesses like Nike have begun to gather information produced by intelligent apparel. They could begin to provide this information to insurers in the near term, who could use it to help anticipate a customer's need for healthcare. As a third example, the volume of exports and imports of goods in ports is a good early indication of business activities in a particular economy, which is why some port authorities have begun to selling this information to actors who want to anticipate cyclical variations, such as banking and finance institutes.
Ultimately, the way to make money with information is to view information as an assets on company´s's financial statements and divest the whole organization to a purchaser who needs it badly. If so, the information is regarded as invaluable as it can help the purchaser expand or enhance his shop.
As part of the remaining business capital, the information is marketed as a complete set. If the M&A goal didn´t had more than 600 million global consumer insights, would Facebook have spent $22 billion on WhatsApp stock in 2014? Microsoft's payment of $2.5 billion for Minecraft in 2014 had little to do with the real revenue of the takeover ($330 million in 2013).
lt was the dates. One of the keys to the very high rating of these purchased businesses was the fact that they had consumers' information. Earning money with information is a huge global revenue stream, and many intelligent businesses are already driving forward their marketing initiatives. Partnership will be established with stakeholders inside and outside the industry, with the objective of bringing together and complementing information from different origins to produce useful new knowledge.
Enterprise functionality, such as distribution, merchandising and re-engineering, benefits from extensive information and can generate new revenue. In fact, some businesses are turning directly to their clients to provide information as a new package deal - something that immediately creates revenue. Experienced professionals in the field combine the high computing capacity of a computer with information to enable the production of automated educational tools with the ability to revolutionize whole sectors.
This technology will help organizations move from past event coverage to real-time event tracking and ultimately to forecasting what is likely to occur in the near-term. With recent progress in the field of computer literacy and six new ways to make money with the above information, I believe that we´re will see a genuine increase in the number of businesses whose businesses are highly dependent on it.
Regulatory questions arise in relation to the marketing of information and consumer concern about the protection of personal information must be taken seriously. Government actors such as the EU are active and continuous in determining how information should be provided and how it should be retained, so that businesses should be aware of changes in legislation now and in the longer term.
Wherever the Act permits dataset analyses, disclosures, transfers and sells, there is ample room for innovation, technological research and start-ups. Mastery of computer literacy and marketing is a serious matter and demands the full attentiveness of your team. Every enterprise that doesn't do its best most likely leaves a lot of money on the desk.