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Big Data is a set of technologies that enable collection and analysis of very large data sets that yield valuable results, commercially or otherwise. Deriving these results is truly a journey from Information to Insight to Foresight.
Our definition of Big Data Monetization is the ability to generate new revenue streams from data held inside organizations and external data sources, by processing the data into usable forms or generate usable observations and insights from it.
That every minute, 47,000 apps are downloaded from the Apple AppStore. That 204,166,667 e-5
mails are sent, that Google returns over 2 millions online searches or that a bewildering $250,000 is spent online on retail or gaming sites. Staggering numbers when you consider what their daily totals must be. The point of this is simple: as the data explosion continues to grow in size, there is an enormous opportunity for businesses to harvest it and create big data-centric solutions and services. There is an enormous potential out there for smart companies to collect data and grow their business by turning data into a commercial proposition. Some may refer to it as the monetization of data. We call it harvesting the digital age, for monetization.
An interesting example of Big Data is using the data science to stitch together partial datasets and make reliable predictions of what the missing data is. This technique is being used by several companies to move basis for consumer market research through the brief encounters that typically occur on the web: You can only ask a few questions....