Cloud networking has been a godsend for remote business activity but may have additional benefits that some companies fail to take advantage of. The data that cloud managed networks generate is tremendous, and organizations with advanced networks could be missing out on an untapped gold mine. Harnessing data generated through cloud networks – whether public of private – can offer companies multiple revenue streams that can turn IT departments into profit centers.
One of the easiest ways for companies to turn their own data into profit is by analyzing the behavior of active and inactive users. Large networks produce metadata from all connected devices; that data can be used to refine business decisions based on customer activity. For instance, IT departments in retail environments can analyze foot traffic to determine product placement for maximum visibility. Sports arenas and concert venues can determine where to sell merchandise based on historical data by researching population densities during events. By putting the data to good use through analytics, businesses have a readily available source of information for boosting profits.
Analytics can also inform about how much time users spend in specific locations, helping management understand better opportunities to engage with customers and increase sales. They can also determine the effectiveness of marketing campaigns and sales by determining how well and which customers respond to promotional activities. By analyzing customer data, companies can improve ROI by driving personalized, relevant, and timely product information to customers.
Leveraging metadata for internal business adjustments can help boost profits, but it can also provide advertisers with valuable knowledge to seek new customers when done appropriately. Assuming they have informed customers and received acknowledgment, businesses can offer free network access in exchange for access to user data – common practice in retail, entertainment, and hospitality venues. That raw information can be sold to advertisers, while detailed analytics can give companies a more precise understanding of customers. Cloud-driven networks with visual analytics can determine specific network activity – such as what applications are download or what kinds or sites are accesses – which companies can use for personalized marketing. Sharing data with partner companies, like advertisers, can maximize the value of the sea of information that cloud networks provide.
Instead of letting data sit aimlessly on network servers, ExtremeCloud IQ can help create multiple revenue streams by maximizing the information gleaned from data. Learn more about customer activity and business performance, while sharing that data with vendors to bring new streams of profit to your business.
Originally published on Extreme Network’s blog, April 9, 2021, by Deidra Peterson.
