With data growing at clip speed, organizations are seeking ways to commercialize data. However, not all data monetization efforts are successful, given the volume of unregulated data and technical challenges related to data privacy, discovery, quality, security, sourcing and accountability. For organizations to successfully monetize data, it is crucial to ensure right pricing and value. This requires analyzing data context, market value, historical demand and competitor pricing to arrive at a successful data pricing model. This can be done by:
Building a data pricing model to classify data into a product
Taking a quantitative pricing approach to determine base price
Improving final price with qualitative pricing
This will ultimately help reduce revenue leaks, increase customer retention and improve decision making for creating new value streams. To know more on data commercialization, please download the PDF.