A data monetization strategy is an executable plan for extracting “value” from data and converting it into revenue-generating opportunities. It involves analyzing and leveraging data to uncover insights that can be used to drive business growth, enhance customer experiences, and create new revenue streams. Organizations collect large volumes of raw data from various sources such […]
How IoT Security Affects Data Monetization
Understanding how IoT security affects data monetization is crucial for businesses to effectively trade intel without the risk of online threats. Today, almost every business shares important data, but not all businesses attempt to generate revenue from the shared information. According to McKinsey & Co., high-performing companies that wish to grow tend to adopt data […]
4 Ways to Monetize Data and Improve Your Revenue Model
Every organization I know of wants to treat its data as an asset. But they lack the imagination of what that means. It can be interpreted as having robust Data Governance. Or it could mean improving Data Literacy across the organization. We are collecting and storing zettabytes of data. But we are also failing at organizing […]
How a Cultural Shift Toward Data Democratization Can Improve Analytics
As part of a well-desired culture change of data awareness in an organization, data democratization is a concept that enables easy access to data by anyone. The ease of availability and access to data allows for direct and indirect data monetization, thus improving revenue streams. This concept can be realized through an internal marketplace as […]
How Master Data Management Enables Two Types of Data Monetization
Click to learn more about author Bill O’Kane. According to Gartner, data monetization refers to the process of using data to obtain a quantifiable economic benefit. Internal or indirect methods include using data to make measurable business performance improvements and inform decisions. External or direct methods include data sharing to gain beneficial terms or conditions […]
Internal Marketplaces Democratize Data
Click to learn more about author Tejasvi Addagada. Data democratization is a culture change and is based on a concept that enables easy access to data. The ease of availability and access to data enables direct and in-direct data monetization. This can be realized through an internal marketplace. An internal marketplace is a strategic solution and […]
What is Data Value and Should it be Viewed as a Corporate Asset?
Click to learn more about author Asha Saxena. A lot has changed since the 1950’s when the average age of a publicly traded company listed on the S&P 500 has gone down from being 60 years old to now less than 20 years old according to research from Credit Suisse investor analysts. Companies that are embracing […]
Monetizing Information? Show Me Your Data Model
Click to learn more about author Thomas Frisendal. I recently (finally) had the opportunity to read Doug Laney’s fine book about Infonomics. I have followed his work on this for years, because we share the ambition that data and information should be recognized as assets, just like factory equipment and trucks. Because data keep the […]
Do You Know Where Your Data Came From?
Click to learn more about author Mike Brody. Unless you’ve been living under a rock the past few years (and if you have, no judgement), you know there has been growing cultural concern over data privacy and legitimacy. This is the age of fake news and consumer data monetization. Just last month, Google bought credit card […]
Data Intelligence, Data Governance, and the Fourth Industrial Revolution
Klaus Schwab, founder of World Economic Forum, and author of the book, The Fourth Industrial Revolution, said that there is no historical precedent for the speed of current technological breakthroughs, and that the Fourth Revolution is evolving at an exponential, rather than linear pace. The Third Industrial Revolution introduced the personal computer and the internet, […]