Monetizing Data: Trends, Approaches, and Key Factors Underlying Revenue Stream Generation

Digital consumer economy generates tremendous amounts of customer data at every fraction of a second. Though capturing, storing, and keeping this data ‘warm’ for quick reference involves significant costs, but extracted insights can be extremely valuable to enterprises across industries. Thus, CxOs are considering monetizing or productizing their information assets.

The data environment has undergone substantial change in recent times. While data stacks have grown as business transactions become more complex, a connected digital environment has helped drive real-time data integration and analysis. Business intelligence and analytics emerging as a C-suite priority and availability of Deep dive analytics execution has further facilitated exploring this data.  These trends open up several opportunities for enterprises across industries to monetize data assets by leveraging the power of the Digital Five Forces (Mobility and Pervasive Computing, Big Data and Analytics, Social Media, Cloud Computing, and Artificial Intelligence and Robotics).

These overstocked enterprise data, when processed and packaged effectively, can be valuable to data consumers in the same as well as other industries. Consequently, data owners are on the lookout for possible ways in which they can monetize or productize information assets by selling them, in whole or in part, to companies (or data consumers) in need of such data.

Further as Data monetization involves analysis of customer data to derive valuable insights for data consumers, extreme caution needs to be practiced while gathering, analyzing, and sharing the data or churned insights. The paper touches on key aspects that enterprises must carefully address before implementing a data monetization scheme. These include a systematic approach towards evaluating current data sets for value creation, and regulatory compliances pertaining to customer data security.

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