Data monetization is the process whereby company-generated data is used to create a measurable economic benefit. This can include selling data to third parties or using data internally to improve processes or realize new innovation opportunities. This interesting subject came to us from ITWeb in their article, “Data monetisation brings rewards for good governance.”
Data monetization offers the compelling prospect of benefiting from something the organization has in abundance. But data monetization seldom refers to actually selling the data for revenue, unless it is in the form of aggregated anonymized data.
Data and analytics can be a valuable business asset that will not only improve business decisions and drive digital business transformation, but also generate new revenue for your organization. Whether they realize it or not, most organizations can monetize their existing data. It starts by identifying the data’s value-add to a new audience.
Data Harmony is a fully customizable suite of software products designed to maximize precise and efficient information management and retrieval. Our suite includes tools for taxonomy and thesaurus construction, machine aided indexing, database management, information retrieval, and explainable artificial intelligence.
Melody K. Smith
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