Do Enterprise Companies Effectively Utilize Usage Data to Create New Revenue Streams While Mitigating the Risks of Data Complexity for Sustained Growth?
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of companies are actively seeking to leverage usage data to enhance customer satisfaction and scale their business.
companies are actively seeking to leverage usage data to enhance customer satisfaction and scale their business
Our research reveals that majority of companies in the software and media & entertainment industries (8 out of 10) are actively seeking to leverage usage data for business enhancement, with a focus on customer-centric initiatives, data complexity management, partner settlements, and generating new revenue streams and business models. However, some companies face challenges in dealing with data complexity and resource limitations.
In our research, we explore two different categories of initiatives – reactive and proactive. The initiatives classified as reactive are focused on addressing existing issues or risks whereas proactive initiatives focus on identifying growth and improvement opportunities.
Proactive initiatives ensure regulatory compliance, enhanced customer experience, and reduced churn. The emphasis on proactive approaches varies across industries and company sizes, with tech and finance functions prioritizing such initiatives and higher revenue companies investing more in proactive usage data-driven strategies.
Both software and media & entertainment industries encounter challenges in maintaining customer satisfaction, offering personalized experiences, optimizing revenue, managing data complexity, and staying compliant with regulations. In the software industry, finance teams prioritize new business models and service usage understanding, while tech teams focus on new business models and service consumption.
Media & entertainment finance teams prioritize service consumption and new business models, with tech teams emphasizing service usage. Understanding service consumption and usage is a key consideration in both industries
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Companies that effectively manage usage data can benefit from improved user experiences, cost reduction, and capitalizing on new revenue opportunities, among others. Collaboration across teams is crucial.
Our research reveals that two out of three professionals in tech teams will be prioritizing at least one of these initiatives for scale in 2023: launching new business models and pricing, understanding service usage and consumption, and controlling data complexity. Tech teams are instrumental in leveraging usage -data for new revenue streams, working closely with finance, product, customer success, and marketing to identify revenue leakage, enhance customer experience, and target the right audience.
Our analysis reveals that 67% of finance professionals will focus on leveraging usage data to drive innovation, improvement, and growth in the business, while the remaining 33% will utilize usage -data for initiatives that protect the business. Finance teams drive sustainable revenue growth by collaborating with tech teams to optimize data infrastructure for effective usage data analysis. They identify revenue leakage points and implement controls, create pricing strategies based on usage data insights, and collaborate with product and marketing teams to maximize revenue potential and drive innovation. Collaboration across functions drives innovation and executes growth initiatives.
Learn more about the crucial role of mastering usage -data in building sustainable revenue growth streams for businesses , and unlock the power of cross-departmental collaboration for success.
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