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How do you turn data into profits?

By- Manoj K Chandra, Chief Technology Officer, PreludeSys

The need for monetization lies at the core of every business strategy. A contemporary business is driven to create value from its data and to focus its efforts accordingly. It is axiomatic that data and insights are invaluable tools to drive business growth in a highly demanding and competitive market. However, in an insights-driven business, data still needs to revolve around a revenue model that can sustain and justify its long-term expenses.

The new success model is a data-driven company that takes insights and converts them into meaningful sales growth. Technology and process investments that support this will be rewarded. Reports show that businesses driven with high-quality insights were 8.5 times more likely to report revenue growth of at least 20% in 2021.

With that said, only 25% of organizations today are classified as data leading. It is one thing to ...

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