How to profit from your company's 'data streams'

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Your company probably generates a lot of real-time data from sensors and other events – data that could be producing new business revenue. This will show you how to wring more value out of the data you already produce.

Companies could create new, revenue-generating services from the "data streams" they produce, but it requires a data-savvy culture and new skills, according to research supported by the Society for Information Management’s Advanced Practices Council.

Unlike classic big-data applications, data streams are real-time flows of digital information thrown off by sensors or other events. Companies can gain value and competitive advantage by exploiting real-time data that is generated either deliberately or as a byproduct of other activities, according to the research paper by academics Gabriele Piccoli and Federico Pigni.

The first step is to determine the feasibility of a data stream service, which depends on how “streamable” the data is, and how complete the data set is, the researchers say. The second step is assessing the potential of the data stream to lead to actual business value. The report presents a Value Potential Matrix to aid that analysis.

Is your company ready to tackle this sort of business venture?

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