How BDEX’s Platform as a Service helps you easily monetize your customer data
Managing data can be complex. If you are trying to monetize data you’ve gathered, or just keep it organized when it comes in from discrete sources, it can take hours of work just to synthesize it in a usable and meaningful way. And even then, every bit of it has to be tailored to suit the formats of the various platforms on which data can be monetized.
Data is a major business and an extremely valuable commodity that some are willing to pay good money for. So, when companies collect data and lack a way to properly monetize it, they are basically sitting on a deposit of gold with no equipment to mine it.
For example, a food delivery service could collect a good deal of information about their customers: spending habits, location, and the best contact methods. Unless that business is monetizing its data, however, it is not properly leveraging a potential revenue stream.
Unfortunately, many companies do not have the internal infrastructure needed to organize and monetize their data. It can be a challenge to track information, gather it from across networks and services, make it uniform if derived from different systems, and then present it in a way that can earn revenue. In fact, data is often only used profitably by many companies through their own marketing efforts or to enhance products and services, as selling to other companies can be somewhat complex.
You need a platform to organize and monetize your data
One way to meet this need is through the creation of a unique platform for data monetization. Companies gathering large amounts of data can hire developers to build a platform capable of sustaining the kind of data collection they want, one that then formats and sorts it for monetization. Unfortunately, as they gather more data, the platform necessarily becomes larger and more robust, requiring more effort and tools to maintain it. The data must also be tailored to the individual platforms that purchase it. This can get rather expensive.
This is where BDEX’s platform for data collecting and monetization comes in. Our Platform as a Service (PaaS), available to companies of all sizes and specialties, is built around managing data in such a way that marketing, as well as monetization, become easier and more efficient. Rather than trying to design an in-house solution that deals with the various formats and qualities of data (taken indirectly and/or and from third parties), BDEX is able to synthesize this data into an easy-to-use format.
To monetize data, it is typically sold to common third-party data buyers. Each of these entities requires customers to organize it and format it in a certain way. Data sellers must conform to each distinct set of parameters, including how often you can update the data and how it looks.
Platform as a Service (PaaS) simplifies this process. It already has all the functionality one could want in a platform that is custom-designed to monetize data. It can capture information in real time, manage that data in an efficient and organized way, and even transmit it to third parties – preformatted for specific data buyers. It interfaces with all kinds of data collection and purchasing systems, including those set up for mobile devices. All of the data you collect is entered automatically into the system and can be quickly plugged into external systems such as LiveRamp.
One of its features is its ability to authenticate duplicated data. If data is collected for the same user more than once on different sources, those occurrences will be used to verify the information and then gathered into a single identity to avoid unnecessary redundancy.
This system allows companies to take complete control of their data, keeping it organized and monetized as a way to gain passive revenue. No programmers or database developers required.