Big Data offers organizations a lot of possibilities to make a lot more money. Knowing what data to use, how to combine different datasets and how to analyse all that data for new insights can be extremely valuable for organisations. In a blog post, Bill Schmarzo, described to four M’s as counterpart of the common 3V’s, or 7V’s as I like to describe Big Data. The four M’s mean ‘Make Me More Money’ and are all about how organisations can make more money using Big Data.
Big Data can help to drive business objectives by looking at different value creation processes within the organisation. This can help to optimize different proceses resulting in better insights and better decision-making. In addition, according to Schmarzo, Big Data can be monetized by repackaging data and selling it to partners or use the insights derived from that data to create smarter products resulting in better end-user experiences.