This time Janine was beaming.
I had a pleasant meet last month with Janine, when we had discussed How to get Data on Tap for all Your Data Woes using MDM Cloud. My old friend was super curious to learn more, as we met again this month for another cup of coffee.
“So nice to see you, Ramya! Thank you so much for the Data-as-a-Service guidance. We have more or less decided to go for it, and I need you to fill me on more details. Monetizing data – as you had mentioned last time.”
“It’s a smart way of tapping the potential of your data to create a new revenue source. You’ll wonder why you never thought about it!” I laughed as we sat down. “As you know Janine, DaaS works for streaming data in real-time from anywhere in the world and from any device, delivering consistent data quality and agility. Naturally you pay for accessing the data. Now suppose others pay you for accessing your data?”
“Oh!”
“With DaaS, you need not be a data consumer alone, you can be a data provider, too.”
“That is wonderful!”
“It is indeed. In the data economy, you have invested so much in creating a great asset, your enterprise data. How about licensing it for use by others? That is Data Monetization put simply.”
“That sounds really exciting. Being in Pharma, we consume huge volumes of data, but we also generate equally large data.”
“Trust me, data is the most exciting thing happening today, and it’s high time you participate in monetizing it. Reltio DaaS makes it very easy to fast track your data monetization. You already have quick access to datasets readily available from data tenants in the cloud. You have a single reliable source of data that is continuously updated and refined. Choose one or more from the multiple engagement models we provide, and you are ready to go. The simplest is the Data Store-front where users can search and browse data, and download by paying.”
“Sounds amazing!”
“Another model is List Match Service, a stand-alone service to provide ad hoc matching, enrichment, and validation. You can also consider Data API Services, which are custom services for a particular data domain. For example, HCP credential verification in the Healthcare and Life Sciences vertical where you operate.”
“Lots of options, more than I had thought.”
“Yes. Moreover, to help you monetize your data quickly, we have a robust API platform for custom services and embedded experience. In fact, we can help you set up in all four models, including MDM Data Subscription, which is the data delivery to MDM Cloud tenants.”
“Let me discuss with our people which way we should go.”
“Right. If you choose to go with Reltio, I promise you don’t have to run around as we take care of everything. We help onboard new customers much faster and we can enrich data via list match service. Being integrated with Reltio’s modern and scalable platform for continuous data quality and delivery, you can quickly implement any changes to data. And guess what, we have a convenient pay-as-you-go billing method. As your customers increase, you can also look forward to reducing distribution and operating costs.”
“So I guess everything is set up!” Janine was happy with the thought of generating revenue from enterprise data. Who wouldn’t be?
“Just one more point. I suppose complete tracking is part of the service.”
“It is. You can track attribute level audit, history, and lineage of all data usage and changes. Track record-level and attribute-level consumption patterns. Track a variety of contributing data sources for ongoing updates and downstream data distribution. And you don’t have to worry about strong data security and privacy regulations. Reltio platform is HITRUST CSF-certified, and GDPR compliant.”
“Very comprehensive and competent. These coffee sessions are turning out to be amazing for me!”
Like Janine, several customers have benefited from Reltio’s fast-tracked data monetization, extending their quality data to drive revenue for the organizations. How about you?