While large enterprises have the capability to monetize the data they collect, smaller businesses are not maximizing the amount of information they are able to generate from customers, according to Praveen Kumar, general manager, ASG Technologies, Asia Pacific.
“Data is available in various forms for almost every enterprise today,” said Kumar. “Data are researched, analyzed, and kept within these enterprises in various forms — structured unstructured data.”
Larger organizations are able to monetize data by using them in digital and targeted marking but should always be within the bounds of the law. The industries that have been making the most of this opportunity is retail with a special focus on ecommerce along with finance and pharmaceutical.
However, startups are an exception to the small businesses that are clueless in data monetization.
“They (startups) are smaller in size but are primarily built on the premise that ‘I would want to monetize any data that I collect’,” said Kumar. “The investments that they are doing right from day one are focused on monetizing data.”
Examples of this are fintech (financial technology) companies that, although they don’t have the legacy of large organizations, use data as a fuel of its existence and advancement. Financial institutions are now also adapting to the technology of understanding their customers through data that are willingly provided.
“Most of the solutions we give now are targeted around companies that are able to analyze, predict, assess, and use that data at a higher point and take it forward,” Kumar said. This year, we’re actually talking about something called Digital Optimation, where we are going to help enterprises — large and small — to adapt to digital automation. These solutions will help aggregate that data in a single place, which would then allow them to drive analytics at some point.”
Kumar said these solutions from ASG Technologies will allow small and medium enterprises that are struggling to enhance their revenue and profit models by using the data that they have collected. These services would help them digitally transform some of the content they have collected, put them together, and allow them to reach customers using mobile forms. They can also build apps, automation using these data or later analyze them for future use.
ASG’s Data Intelligence solution is geared toward organizations that have high volumes of data moving across different application landscapes. It will allow them to understand how that data were transformed and used as well as who owns that data within the enterprise and how each application is using that data.
“Our solution helps you trace and track critical data elements, and at the same time, define them as part of Data Governance,” Kumar said.
Kumar also mentioned digital automation and transformation where ASG sees “a huge demand in the Philippines and outside. In the digital automation segment, you would find people who do mobile apps, you’d find people with the automation.”