Data Marketplace: A Necessary Lever for Business Ecosystems
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Data exchanges can unlock business opportunities across industries
Recent advances in sensor and collaboration technologies make it crucial for organizations to modernize and monetize their data estates to generate insights that can be applied to their brand, products and services. Technological advancements and evolving customer expectations require enterprises to build interconnected sets of services in an integrated experience to realize their ecosystem potential.
There are two primary paths to data monetization:
- Indirect monetization: Leveraging internal data to identify and plug inefficiencies by improving operations, productivity, products and services, and customer relationships
- Direct monetization: Creating new revenue streams via direct exchange of data or through enriched data or services.
Direct monetization can be done in two ways – direct data sale and syndicated data business, where data is sold to third parties for use in analytics, or planning product and service development efforts.
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