Data monetization as described on Wikipedia “… generating revenue from available data sources or real-time streamed data by instituting the discovery, capture, storage, analysis, dissemination and use of that data. It is the process by which data producers, data aggregators and data consumers, large and small, exchange sell or trade data.”
There have been some very interesting articles around this topic, primarily focused on data gathered from the Internet of Things (IoT) as described in Cap Gemini’s presentation Extracting Value from the Connectivity Opportunity or mobile devices in Accenture’s piece Monetization in the Age of Big Data.
But did you know that any enterprise can tap into the data they manage and use to run their businesses as a recurring revenue stream? In order to do so, the data must be, among other things:
- Secure and anonymized if necessary
And there should be an easy way to distribute and make the data available for purchase either in batch or by-the-click “Amazon style”. But it doesn’t stop there, like any form of commerce customers of the data need to be able to provide feedback and rate the value and quality of the data.
Better still, wouldn’t it be great if the users of data could contribute back more accurate information in exchange for discounts on future purchases, making it a win-win for all.
While getting there seems daunting, the first steps start with just improving the reliability and relevance of your internal data to improve your business operations. Using Data as a Service (DaaS) to bring in third-party data assets to enrich information for your data-driven applications, and allowing your employees to collaboratively curate data, optimizes the efficiency and cost of your internal operations.
From there you can turn your own data into an asset and even begin profiting from it. The technology that you previously used to bring in third-party data can be used to distribute and license your own data externally. Effectively making you a Data as a Service provider. The caveat of course that any technology you use, must provide full audit and lineage as to where the data originated from so that licensing rights are clear.
It can be done and chief data officers (CDOs) everywhere are starting to think in terms of not just using data to improve operational efficiency within their enterprise, but monetizing data as a significant revenue stream. To do this they are selecting cloud-based Modern Data Management Platform as a Service (PaaS) that include Data as a Service and data-driven applications that support collaborative curation.