Data is available at enormous scale, driven by billions of interconnected interactions between people, businesses and devices/things. How does an organization move up the information value curve to create client value, unique differentiation, and command higher margins to grow the business without taking advantage of that data?
To some, data monetization feels like a dirty word. But why is that? Are for-profit organizations not in the business to make money? And if utilizing the data they collect aids in this goal, how can that be wrong?
Data monetization is not a new buzzword, but has mainly been applied to selling raw data. However, data monetization has now evolved to largely mean improving efficiency and developing new revenue streams.
At its core, data monetization is generating measurable economic benefits from available data sources. Typically these benefits accrue as revenue or expense savings, but may also include market share or corporate market value gains.
Generating measurable economic benefits from available data sources, most commonly analytics, can result in some positive results. 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.
When it comes to digitally transforming their business models, what roles do metadata and artificial intelligence technologies play? First off, data needs to be in the business plan. Data monetization leverages data generated through business operations. When this data is collated against traditional databases, the value and utility of both sources of data increases and leads to great potential to mine data for social good, research and discovery, not to mention achievement of business objectives.
As our world has become increasingly data-driven, so the ways of monetizing data have developed. The best methods provide you with the capacity and flexibility to get the most out of Big Data from the greatest variety of sources. Without the right data monetization strategies in place, you risk missing critical insights that could improve your business. With the necessary strategies in place, you are well equipped to sharpen your competitive edge.
Data monetization is occurring not only in the publishing industry, but also across other industries, and it is driven by the demand of the consumer/enterprise for an enhanced experience.
Melody K. Smith
Sponsored by Data Harmony, a unit of Access Innovations, the world leader in indexing and making content findable.