Trendy Solution for API Monetization
of Data Discovery Assets
Data transformation is fundamental to reusing, recombining, and creating new values that generate money from data. The higher the data, the easier it becomes to reuse and recombine. Data, these days, are not similar to your traditional assets. If you have data liquidity, you can monetize effortlessly with the help of an Application Programming Interface (API). There are many patterns of API monetization with data assets – product, data, internal, and so on.
As one of the growing Data discovery companies, our client is seeing growth with the collection of data and evaluation of those assets that are a continuum in their field of work. They start with understanding the data, use a reliable framework and accelerate the data-to-decisions value chain through a range of services. Though data is their core, they require a solution that can aid in data asset monetization effortlessly.
Key challenges
APIs are becoming a new channel to market for businesses enlightened enough to recognize their potential. As with the internet, APIs are enabling businesses to reach outside their enterprise boundaries in the same way that the internet expanded their reach by opening up a new channel that allowed them to expand their reach beyond their physical location, enabling them to create new revenue models by using other enterprise resources as additional channels of distribution.
Our client requested us to make better use of the available ample data assets and convert them into money without disrupting the existing model of business at any level.
The Solution
A data asset monetization solution that uses the power of APIs so the product can be related to data always and that in turn boosts the overall revenue of the company. We took advantage of the data science and analytics capability to bring about an innovation that speaks for our client’s data discovery brand.
Our Approach
We followed our standard approach but with a twist of UX experience to add value to our client. We understood our client’s needs, diagnosed the problems, experimented using several applicable strategies, and analyzed continuously with the help of our professionals. Visual appeal, technical process, and smooth workflow are the three things we focussed upon. Our data science and SAP capabilities helped our way through arriving at this intuitive portal.
The methodology we pursued is a scrum agile model to offer the best support and sculpt the solution with continuous feedback. The best business principles are followed to ensure the reworks are effortless and the client is content to the very end. We worked on different digitized processes and found the best of all ideas for innovation that simplify relationship management for clients and suppliers.
Benefits
Optimal use of data
Data being a huge business asset for the Data discovery company is reused to help them gain more revenue, enhance brand awareness, and uplift industry growth.
Vast reach
With the help of our innovative solution, our client was able to leverage loads of data into money while also gaining a wider reach among premier brands through revenue sharing.
Big branding
By enabling power and convenience via mobile applications, their data assets were transformed not only into money but also into brand exposure.
Directly generated revenue
It is highly likely possible for the APIs to be linked directly to revenue and hence it became easy for our client to enjoy a higher revenue considerably with clever usage of your data assets.