Once we have peace of mind that we can trust our data to take decisions and drive the business in the strategic direction we want, we can start reusing this dataset as a basis for other data driven initiatives. In the pursuit of increasing revenue through data utilization, it's essential to start with a high-quality dataset.
Consider a manufacturing company as an example. Let's say they specialize in selling drills and have access to data on the usage of the machines. By equipping their drills with internet-connected sensors, they can predict when maintenance is needed. This presents an opportunity to offer an additional data-driven service to customers, one they're willing to pay for.
The sensor dataset might differ from the dataset used for peace of mind purposes, but the real value emerges when these datasets are integrated into a comprehensive data model. Such integration allows for further innovation in the business. By analyzing the data, the manufacturer might realize that customers don't necessarily need drills; they need holes in the wall for mounting cupboards or artwork. Through data analysis, they can calculate the potential pricing for a service known as "HIWaaS" or Hole in the Wall as a Service.
So, having data at the core of your business processes can unlock opportunities for revenue growth.