If you have a business, chances are you’re collecting data about your customers and vendors. Whether it’s how many people visit your website each month, or how many times they called support with a question about product features, there’s a wealth of information that can be collected from these interactions. However, most businesses don’t do anything with this data—they keep it locked away in their systems and never use it for anything. That’s a shame because customer and vendor data is valuable! It has the potential to help you make more money by improving the quality of the products or services you offer, which leads to happier customers…but only if you know how to unlock its monetary value first. In today’s post we’ll show you how monetizing your customer and vendor data can get it out there so that your business can benefit from all those hours spent collecting them in the first place!
Legacy ERP systems are a black hole of data
Legacy ERP systems are not designed to be data portals. Most ERPs on the market today are not designed to be a one-stop shop for all your internal or external data needs.* The problem with these systems is that they were built during a time when cloud based solutions were not around, and were never intended as a single source of truth for business intelligence purposes.
In fact, many companies have numerous data repositories and systems in place that are not integrated with one another (this is called a Data Swamp). In addition to using their ERP system as a data repository, they also use Excel spreadsheets and other business intelligence tools such as Tableau or Power BI.
Your data is valuable
Your data is valuable, and the more you know about it, the more value you can extract. You should look at your customer and vendor data as an asset that could be worth a lot of money. The more time you spend analyzing how this data can help your business, the better off everyone will be—including you! You can’t manage what you don’t measure. You need to have the right tools in place to manage your data effectively. If you have the wrong tools or no tools at all, then you might as well throw money away and hope for the best. In addition to the above points, you should also look at how your data can help you make better decisions. Data science is becoming more and more important in today’s business world—and it will only continue to grow in value as time goes on.
You spend a lot of time collecting all that data, so why not make the most of it?
For starters, you should know that you’re already collecting a lot of data about yourself and your customers. If you’ve got an in-house analytics department (or even if you don’t), it’s probably pretty easy for them to tell which web pages are getting the most traffic or what products are selling best. And while these are useful metrics, they only tell part of the story; they don’t give insight into why people act as they do. That’s where customer data comes into play.
To make the most out of this information and take advantage of it as much as possible, consider this: if every single person on earth decided tomorrow morning that they were going to start eating nothing but chocolate cake for breakfast every day for lunch and dinner too—and not just any chocolate cake either—you would probably want to know about it right away so that you could add more chocolate cake options on your menu before everyone else catches onto the trend (or at least before they all get sick). Likewise, if one person is having trouble finding a certain item at one store location but has no issues at another location near by then maybe there’s an issue with signage or labeling that needs fixing ASAP because other customers may be having similar problems elsewhere
You can turn your customer and vendor data into a product you can sell
The next time you’re tempted to use your customer or vendor data and then throw it away, remember that the information contained within that data can be transformed into a product that’s worth money.
- Data monetization is a way to turn your customer and vendor data into a product.
- Data monetization has become a big trend in the data world, with more and more companies turning their customer and vendor data into products that they can sell to organizations who want access to it.
Data is valuable, so why not make the most of it? Turning your customer and vendor data into a product you can sell is one way of doing this. It’s also an excellent way for companies to grow their business by expanding their reach beyond existing customers or vendors.
There are many different ways to turn your customer and vendor information into a product that can generate revenue for your company. One example is when companies create reports based on the data they collect from their clients—for example, by using Google Analytics to collect website usage statistics for each user visiting their site (e-commerce) or by using Salesforce CRM software to track emails sent out through Gmail accounts (sales). Other examples include:
- Creating new products based off existing information—For example: If you have customer purchase history stored somewhere in your database, let’s say in Excel format as opposed to being stored as separate files on an external server like Amazon S3/EBS storage solutions used by some eCommerce businesses today – then why not create something useful such as “Top items bought together?” This could help increase sales among existing customers since they’ll likely be interested in seeing what other products have been purchased together with theirs; this type of recommendation engine works well especially if paired with other marketing strategies such as social media ads paid through Facebook Ads Manager which gives advertisers better control over who sees those ads without having them appear too often due its algorithm which identifies whether users are more likely than not interested based on previous viewing habits
Conclusion
By monetizing your customer and vendor data, you can create a product that helps businesses make better decisions, become more efficient and even save money. If this sounds like something that could benefit your company, then it’s time to start thinking about how you can turn those piles of numbers into cash!