Deriving Customers' Data without Invading their Privacy

Telecom Tech Outlook | Tuesday, February 05, 2019

Connected devices generate a huge amount of data that provide unique insights to drive a business’s products and services. This helps to generate new income streams for enterprises and is capable of selling, providing products, or maintaining capital assets. However, most companies lack the analytical ability to use the data to their advantage. The information is piled up, and firms cannot divide it into silos. In their use for improvement of decisions, data and analytics are not novel. The new limit is the exploitation and monetization of data, coordinated and organizational, to promote the competitive advantage strategically. Data monetization on mobile applications has recently resulted in the explosion of user interest. Data monetization is an alternative way for app developers to capitalize on users that need no further efforts. Monetization of data is the process by which user data is collected, segmented, and processed. Data can provide extensive insights into the world of data, which marketers, research institutes and product companies find useful. It is important to be noted that no sensitive or private information is collected by data collectors. As a consequence, all users remain anonymous. It is always important to know whether users are OK to share their nonpersonal information before taping into data monetization.

Check This Out: Top Data Analytics Companies

Financial services companies may analyze various customer life cycle events to provide the appropriate facilities, such as auto insurance for a car shopper, customer loans or loans to plan substantial purchases, customer promotions near retail bank branches, or financing services for frequent travelers. In conjunction with customer retention campaigns, it may also be important for institutions to use this data. Another key application of this information is to detect and tackle fraud in credit card companies and banks.

In addition, Ovum’s data insights into digital advertising and the role of operators show that, as a consequence of increasing recognition of the value of mobile network data, 67 percent of brands view mobile operators as good sources for insights into customer data in the face of digital media companies, chat app platforms, and device manufacturers.

Few Top Data Analytics Companies: (Artemetrx,Digitant,evolve24)

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