Data monetization and artificial intelligence (AI) transformation are emerging as important strategies for companies looking to drive profitability. While data monetization involves turning data into a revenue source, AI transformation takes it a step further by using AI-based technology to process this data more quickly and accurately than humans ever could.

According to AI expert, Andrew Ng, “AI transformation provides organizations with the ability to automatically analyze and make predictions or decisions without human intervention.” This can help companies identify patterns in consumer behavior that may not be immediately obvious when manually analyzing data, and thus, uncover new revenue opportunities. Another AI specialist, Yann LeCun, points out that “The combination of data monetization and AI transformation allows companies to not only capitalize on new sources of revenue but also gain unprecedented insights into their customer base.” By using AI-based technology to process data, companies can gain a deeper understanding of their customer base and use this knowledge to improve their products and services, ultimately increasing customer satisfaction and revenue.

One industry that has greatly benefited from data monetization is the retail sector. Retailers have been able to use data collected from online transactions, customer demographics, and purchase history to gain insights into consumer behavior and preferences. This information has been used to improve product recommendations, create personalized advertising campaigns, and even improve the layout of physical stores. For example, Target, a major retailer in the US, uses data analysis to identify pregnant women and send them targeted advertisements for baby-related items. This strategy helped the company to identify and reach out to new and expectant mothers, which in turn increase their sales.

Another example is Netflix, streaming platform that uses advanced algorithms powered by AI transformation to determine which content users might like based on their past viewing habits. This way Netflix can charge different subscription tiers with various levels of access to those same viewers.

However, many organizations still struggle to understand the relationship between these two powerful tools. As AI specialist, Yoshua Bengio, highlights “It’s important for companies to recognize the relationship between data monetization and AI transformation if they want to unlock potential hidden in vast amounts of consumer information for greater financial gains and increased satisfaction among buyers.”

Businesses can begin using data for monetization purposes such as running targeted ads, providing more accurate product recommendations, offering subscription services, and even collecting fees for certain features or access levels on a platform or app.

Overall, data monetization and AI transformation are not just tools for generating additional revenue, but also for gaining deeper insights into customer behavior. This can enable companies to create more personalized experiences for their customers and to improve their overall bottom line. As such, it’s critical for companies to understand the relationship between these two strategies in order to maximize the benefits they can offer. It’s clear that data monetization, when paired with AI transformation, can be a powerful tool for any company looking to improve their bottom line and gain a deeper understanding of their customer base.