Introduction
Our client, a global player in the telecom industry consistently featuring in Fortune Magazine's top global 500 companies by revenue, wanted to create and implement a comprehensive data monetization strategy. As modern data platforms have made it easier to monetize data for extra revenue, they began taking exploratory steps in this direction.
The Challenge
Ensuring quick ROI for data monetization practice
There was a lack of clear focus regarding what kind of data could and should be provided to external parties, as well as how to optimize relevant operations in a way that would ensure the expected ROI from the new practice.
The Objective
Defining and implementing data monetization strategy and practices
- Defining, developing and implementing the company’s data monetization strategy, pipeline and methodology from scratch
- Ensuring scalable data monetization operations to enable the client to meet future demand
- Creating appealing and valuable data products that promote quick ROI
The Solution
Monetizing the anonymized data for generating new revenue streams
The project team comprised data science and engineering expertise from HCLTech and project management from an external partner.
- Defined the client’s monetization practices and methodology from scratch and helped optimize and deliver data products
- Designed algorithms to clean, organize and aggregate data and provide various location insights
- Created packaged analyses and continuous data feeds for buyers, map-based visualizations in various tools and adaptable/reusable POCs
- Built location enabler tool to streamline analysis creation and scripts and functions that serve as building blocks and abstractions of repeatable steps to improve delivery speed
- Developed new compression practices that made it possible to store data more efficiently by eliminating only noise — never valuable information — to save space
The Impact
New revenue stream and business growth
Thanks to the comprehensive data monetization strategy, toolset and methodology that HCLTech helped develop and implement, the client was able to introduce a mature set of data offerings that became a profitable stream of revenue in just two years. This made our client a pioneer in the local market and future-fitted their operations for a likely boom in demand for externally sourced data sets, feeds and analyses. Since the launch of their data monetization practice, the client has maintained and expanded their buyer roster, with the most prominent customers including ‘Big Four’ consulting firms and the retail, transportation, tourism and urban planning industries.
