The Monetization Of Technical Data
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The Monetization of Technical Data
The monetization of data is a very young topic, for which there are only very few case studies. There is a lack of strategy or concept that shows decision-makers the way into the monetization of data, especially those who have discovered or are threatened by the digital transformation or Industry 4.0. Because machine data is usually unstructured and not usable without domain knowledge/metadata, the monetization of machine data has an as yet unquantifiable potential. In order to make this potential tangible, this work describes not only contributions from science, but also practical examples from industry. Based on different examples from various industries, the reader can already become part of a future data economy today. Values and benefits are described in detail. The translation was done with the help of artificial intelligence. A subsequent human revision was done primarily in terms of content.
The Monetization of Technical Data
The monetization of data is a very young topic per se, for which there are only very few case studies. There is a strategy or concept missing, which leads executives the way into the monetization of data, especially those, who have discovered the digital transformation or industry 4.0. for themselves or are threatened by it. Because machine data is usually unstructured and not usable without domain knowledge/metadata, the monetization of machine data has an as yet unquantifiable potential. In order to make this potential tangible, this work describes not only contributions from science, but also practical examples from the industry. Based on different examples from various industries, the reader can already become part of a future data economy today. Values and benefits are described in detail. The editors Dr. Daniel Trauth is a graduate engineer, has studied both mechanical engineering and economics and has successfully completed training as a mechatronics engineer. Daniel Trauth is a co-founder of senseering GmbH, which was awarded the official RWTH Aachen Spin-Off Award in 2019. Prof. Thomas Bergs has been managing director of the Fraunhofer IPT since 2001. On 1 June 2018, he was appointed professor at the Chair of Manufacturing Technology of Production Processes at the WZL of RWTH Aachen University and head of the Department of Process Technology at the Fraunhofer IPT. As successor to Professor Fritz Klocke, he is also a member of the board of directors of both production technology institutes. Prof. Wolfgang Prinz, PhD, studied computer science at the University of Bonn and received his doctorate from the University of Nottingham. Since 2001 he has been professor at RWTH Aachen University and, as deputy director of the Fraunhofer FIT, heads the Department of Cooperative Systems. For some years now, Mr. Prinz has been dealing with the technical basics of blockchain and the development and analysis of blockchain-based applications within the framework of the Blockchain Lab of Fraunhofer FIT.
Monetizing Your Data
Author: Andrew Roman Wells
language: en
Publisher: John Wiley & Sons
Release Date: 2017-03-13
Transforming data into revenue generating strategies and actions Organizations are swamped with data—collected from web traffic, point of sale systems, enterprise resource planning systems, and more, but what to do with it? Monetizing your Data provides a framework and path for business managers to convert ever-increasing volumes of data into revenue generating actions through three disciplines: decision architecture, data science, and guided analytics. There are large gaps between understanding a business problem and knowing which data is relevant to the problem and how to leverage that data to drive significant financial performance. Using a proven methodology developed in the field through delivering meaningful solutions to Fortune 500 companies, this book gives you the analytical tools, methods, and techniques to transform data you already have into information into insights that drive winning decisions. Beginning with an explanation of the analytical cycle, this book guides you through the process of developing value generating strategies that can translate into big returns. The companion website, www.monetizingyourdata.com, provides templates, checklists, and examples to help you apply the methodology in your environment, and the expert author team provides authoritative guidance every step of the way. This book shows you how to use your data to: Monetize your data to drive revenue and cut costs Connect your data to decisions that drive action and deliver value Develop analytic tools to guide managers up and down the ladder to better decisions Turning data into action is key; data can be a valuable competitive advantage, but only if you understand how to organize it, structure it, and uncover the actionable information hidden within it through decision architecture and guided analytics. From multinational corporations to single-owner small businesses, companies of every size and structure stand to benefit from these tools, methods, and techniques; Monetizing your Data walks you through the translation and transformation to help you leverage your data into value creating strategies.