Generating measurable economic benefits from available data sources, most commonly analytics, can result in some positive results.
Data monetization leverages data generated through business operations, available external data or content, as well as data associated with individual providers, such as that which is collected via electronic devices and sensors participating in the Internet of Things (IoT).
Harnessing the power of data-driven insights continues to top the wish list for many professionals and leaders seeking to build a competitive advantage.
There are those that assume marketing is the believer in the profit from data, but marketers aren’t alone in recognizing the value of data. If data is the most significant untapped global asset, then it’s no wonder brands today are increasingly seeking ways to monetize this ever-expanding asset. The objective may be clear, but the path to get there? Not so much.
Continuous rise in the volume of enterprise data, technological advancements in big data and analytics, and increase in importance to generate new revenue streams are certainly driving the growth of the market. However, security and privacy concerns are top of mind for many. As society becomes increasingly digitized and businesses ramp up both the utilization and production of digital data that is transported across the world through the internet, the protection of data has become a paramount task. It is imperative that data security evolves to the degree necessary to sustain economic growth by relieving the fears of the modern consumer and strengthening the credibility of digital operations.
Data monetization is very likely the next frontier in digital transformation. While many companies are entrenched in programs to use big data to help make better-informed decisions, the next step for CIOs and their C-suite counterparts is to turn that information into profit. Business models are already changing through the exploitation of information.
Modern IT organizations are data factories, with decades of experience in creating and managing data for use in process improvement, supply chain management, business analytics, enhanced decision making and other applications. To be successful in this age, you must think creatively about how you hire talent and develop leaders.
Melody K. Smith
Sponsored by Access Innovations, the world leader in thesaurus, ontology, and taxonomy creation and metadata application.