Smart Data Summit: recognising the value of data monetisation in business
‘Customer is king’ has always been the mantra of service oriented companies. To provide improved customer service and enhanced experience, organisations are looking at ways to capitalise on the power of big data. The true value of data to boost decision making was undervalued till some years back. Data as an asset has now been transformed into a monetised product. Simply put, the monetisation of data is the procedure of converting the data into something valuable and useful one that helps to make a smart decision based on multiple insight sources.
With more than one method of directly engaging with consumers, organisations are coping with the sheer pace as well as the difficulty of engaging in real time over social media, offline events, web, online events, email, mobile devices, e-commerce storefronts, to name a few. Equipped with insights, companies are introducing innovative products and solution-based services based on the requirements of their customers for better customer experience and engagement. It is important to note that the expectations of customers are increasing fast, so companies need to know what customers want, how and when they want the required thing.
“Data monetisation is fast becoming the need of the hour. These useful tools provide the opportunity to innovate instead of following any pre-determined path. The skill to cooperate seamlessly with consumers across numerous exciting digital channels needs an urgent strategy enabled by analytic insights and data”, commented Mr Brad Hariharan, Regional Director, Expotrade Middle East.
The data monetisation process has created lots of opportunities for companies with essential data quantity to leverage under-tapped and untapped information and develop new revenue sources. For speeding up decision making and insight generation, business professionals have increased their IT spend in data discovery or data visualisation platforms.
The opportunity offered by big data is truly leading the consumers to wait for more, making the government organisations expect greater transparency, raising expectations for more profitable operations. Organisations across the world have opted for data monetisation to deliver better customer engagement and experience.
At the Smart Data Summit to be held on the 3rd and 4th of April 2017 at Sofitel Dubai The Palm Resort and Spa, leading industry experts will uncover successful data monetisation strategies that are in sync with the business opportunities. For more information on the 4th Annual Smart Data Summit, log on to http://www.smartdatadubai.com. Follow the Summit on social media with the hashtag #SDATAS2017.
Expotrade is a global conference and event organiser with its head office based in Melbourne, Australia and a regional office in Dubai, United Arab Emirates. Expotrade has delivered some of the largest, most successful B2B industry conferences and events. For almost 15 years, our unique blend of knowledge, experience and flexibility has accomplished an array of consistently top quality events. Today, Expotrade events enjoy such a distinctive edge, they are amongst the best patronised in the calendar.
Nybl: Saudi Startup to Expand AI Solutions
According to co-founder Nour Alnahhas, nybl was formed for the greater good. A visual data mining and machine learning platform, the platform will help organisations streamline their operations. ‘We wanted to centralise our vision around AI and machine learning’, said Alnahhas. ‘Something not just for profit, but added value. Conscious capitalism’.
Nybl aims to democratise artificial intelligence by making it possible for anyone to build an AI solution. What website builders like Wix and Squarespace did for site design, nybl will do for AI—allowing even non-coders to feel comfortable creating solutions. In fact, Alnahhas calls it a ‘Shopify of AI’, or a third-party platform that helps businesses deliver better service.
With hubs in Kuwait, the UAE, North America, and India, nybl is focused on launching operations in Saudi Arabia, Alnahhas’s home country. When the company first launched, it was difficult to convince Saudi Arabian businesses to work with a startup. Yet now, nybl has proven itself. ‘We had support in the UAE, so now we’re coming back’, said Alnahhas.
Alnahhas has launched a pilot with Saudi Aramco and has slowly built partnerships with paper, heating, HVAC air conditioning, and manufacturing companies. In addition, the Saudi government has started to invest in the Kingdom’s National Strategy for Data and AI, which means that nbyl, as a tech startup, has finally gained credibility.
No War for Talent
One of the most critical parts of nybl’s expansion will be hiring the right individuals. Thankfully, there’s a current surplus of talented researchers, developers, and data scientists within the Kingdom. Like nybl’s Alnahhas—educated at the University of Houston, the Wharton School of Business, and INSEAD— many Saudi Arabians have benefited from government-sponsored education abroad.
Last year, Saudi Arabia signed several partnerships with tech firms to advance the Kingdom’s skills in artificial intelligence. ‘It’s exciting to be in Saudi Arabia where there’s alignment and support’, Alnahhas concluded. ‘You’re getting an increasing talent pool. And even old and big family conglomerates are finally changing to use AI’.