Data monetisation — identifying and marketing data or data-based products to generate monetary value — is a key benefit of embedded analytics
Tableau has been leading the analytics and business intelligence spaces for the last 10 years. The company has been helping businesses across multiple industries improve the experience of their customers, with a key offering being embedded analytics.
With data at the disposal of businesses proving increasingly crucial to meeting organisation-wide goals and maintaining customer service, it’s no wonder that data monetisation has emerged as a prosperous source of income. This can manifest itself in a number of ways, including selling data outright, including information as a value-add, and business performance improvements. While much of data monetisation is achieved indirectly, embedded analytics from Tableau can aid a more efficient and direct way to charge for assets.
When it comes to working with an organisation on monetising data assets, Tableau’s regional vice-president, sales EMEA – embedded analytics and OEM solutions, Pete Chizlett, said: “Our number one value is Trust. We need to make sure that our software is being used for good and once we’re satisfied of that we take our customers through a process of ideation, followed by a pilot phase before launching externally.
“Paramount during this process is security, but also helping the customer to get going. The problem is rarely that they don’t have enough ideas about how to externalise their data assets, it’s typically a challenge to work out which idea to start with.”
The role of visualisation
With Tableau Embedded Analytics, the right data for the goal at hand can be clearly presented in a bespoke dashboard to the customer. Working with applications used by customers, products supported by analytics can differentiate themselves from the competition. Users aren’t required to have any technical background or skill sets to make data-driven decisions, solve problems or leverage insights. Embedding analytics into software products can also transform an application from a data repository to a smart application that guides the user to take the next best action.
Business models for data monetisation
The amount of successful use cases that have emerged from monetising data assets has grown exponentially over the past few years, as businesses across multiple sectors have looked to leverage a historically dormant asset – data.
- Software applications: More and more traditionally non-technical companies are on the digital transformation journey. As such, they are starting to develop their own software applications exposing data that was being created through their traditional lines of business. For example a hotel laundry company creating a vacant hotel bed app.
- Business to Business Portals: The concept of data monetisation, or charging for insights, remains the same as any software application but, for B2B use cases the delivery method can be as simple as charging for access through a secure portal.
- Subscription services: Some companies have been able to change their business model entirely. Rather than sell devices they can now offer a subscription to the device, along with predictive maintenance and insights from the device itself.
Ocado Retail: a case study
Tableau has been working with Ocado Retail to help the company and over 400 suppliers monetise data using a four-tiered commercial model. This consists of:
- Silver tier — including coupons, customer segregation and commercial KPIs;
- Gold tier — including product reviews, customer loyalty schemes and year-on-year (YoY) promos;
- Platinum tier — including customer funnel, product affinities and market share;
- Diamond tier — including search terms, share of visibility and KPI flow.
This system allows for clear recommendations to be made for all Ocado suppliers, with a single view of retail data supporting decisions for commercial growth. It’s been found that organisations that use Ocado’s analytics platform, powered by Tableau, grow four per cent faster than those that make do without.
“The Ocado Retail Data Platform helps hundreds of suppliers to explore insights and use that intelligence to drive sales growth, improve media campaign performance, and win market share,” said Jack Johnson, Head of Retail Data at Ocado Retail.
“It provides our suppliers with embedded dashboard analytics into their product and category performance, including complete department data across all key metrics and customer shopping behaviour – not just for suppliers’ own brands, but competing ones too.
“Tableau helps our retail supply partners to achieve clarity. The dashboards we deliver provide the embedded analytics they need to become more agile, putting data at the centre of their decision making.”
Increase revenue with embedded analytics
It really is a great time to invest in embedded analytics to monetise assets. Every company has data and very few have taken advantage of that data beyond their firewall. Tableau can help your business achieve operational efficiencies, improve customer experience and create new revenue opportunities, and help you get ahead of competing organisations in your market.
Retailers are building new revenue streams by monetising their data with their vendors. Ocado, the world’s largest online-only grocery retailer, is supporting and driving revenue by providing suppliers with the data they need to understand their customers. Learn more here.
This article was written as part of a content campaign with Tableau.
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