Private Air New York Magazine
Issue link: https://privateair.uberflip.com/i/1361161
www.privateairny.com Private Air | Spring 2021 43 It starts with data acquisition— garnering a wide variety and volume of data from several internal and external sources where data is generated by the millisecond. Once the information is identified and ingested, it needs to be brought to a central point where it can be explored, cleansed, transformed, augmented and enriched, and finally modeled for use toward a purpose. en comes statistical and heuristic modeling. ese models can be of various types using different algorithms, yielding different accuracy levels in different scenarios. Models then need to be tuned and provided an environment for continuous feedback, learning, and monitoring. Finally, the visualization of outcomes is demonstrated by drawing cause-effect relationships that highlight where the most impact happens. is leads to a conclusion on how a set of problems can be solved or opportunities uncovered. "Most organizations have some data and drive different levels of business process improvement and strategic decisions with it," Khan notes. "However, few use data to the fullest. e right approach to data valuation and monetization can uncover limitless possibilities, including customer-centricity, operational efficiency, competitive advantage, strategic partnerships, efficient operations, improved profitability, and new revenue streams." Multimedia Monetization Up to now, we have been able to write algorithms, generate immense amounts of numerical or written data and make sense of it. However, a significant amount of data comes as images or voice, which has not been easy to process and manage until recent developments. e applications for the processing of visual and auditory inputs are endless. In fact, retail and finance industries have been early adopters of this technology—and with good reason. ey've seen costs go down, engagement go up, sales increase, and benefitted from other highly substantial points of monetization. Now, a large department store can digitize their video data every night