Creating a new data revenue stream ... starts with data quality
Data monetization is a hot topic. Wikipedia describes it as:
There have been some very interesting articles and white papers around this topic, primarily focused on data gathered from the Internet of Things (IoT):
- Cap Gemini’s presentation Extracting Value from the Connectivity Opportunity
- Accenture’s piece Monetization in the Age of Big Data
- Wired article Monetizing data. Milking the new cash cow.
- CIO article How to mitigate data monetization risks
Four KEYS To Monetization
Did you know that any enterprise can tap into the data they use to run their businesses as a potential new revenue stream? In order to do so, the data must be, among other things:
- Secure and anonymized if necessary
The power of Cloud and Crowd
There should also 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. What's also required is that users of data should contribute back more accurate information in exchange for discounts on future purchases, to make it a win-win for all.
Better OperationS First
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 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.
Audited and Compliant
From there you can turn your own data into an asset and even begin profiting from it. You do this by transforming into the very same third party Data as a Service provider that you leveraged to support your internal operations. 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.
strategic initiatives Realized
It can be done and chief data officers (CDO) and chief marketing officers (CMO) 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 platforms that include Data as a Service and data-driven applications that support collaborative curation.