Traditional ways of data monetization have existed from decades. Marketing organizations buy market research reports while companies advertise based on channel consumption data. Traditionally Insurance and Telecommunications industry have been pioneers in using data for financial gains. With the explosion of digital data, big data, data analytics, artificial intelligence and data science in general, relevance of monetizing data has increased and need for “return on data”.
Case for Data Monetization
Recognizing data as an asset which depreciates in value with time is important for organizations of the future. Value of data changes with change in context, location, user and stakeholder.Therefore, if you have an abundance of data and do not know how to leverage its asset value, it becomes necessary for you to engage a partner who can assist you in the same.
Our data monetization practice thus assists you in monetizing your data while keeping in mind various challenges associated with it.
Scenarios for monetizing data
Indirect Data Monetization
- Improving efficiency – thereby reducing costs, expenses, wastage etc.
- Using data to measurably reduce risks – thereby reducing financing costs etc.
- Developing new products, markets – thus increasing income streams
- Using data to build and solidify partner relationships – resulting in better profits and long term sustainability
Direct Data Monetization
- Bartering or trading with information – selling your data in return for data useful for you
- Information-enhanced products or services – generating intelligence from your data useful for someone else
- Selling raw data – selling your raw data which might be useful for someone else
- Offering data/report subscriptions – regularly providing updates to your data buyers
Related Term
Infonomics is the theory, study and discipline of assigning economic significance to information. Thus providing a framework for businesses to measure, manage and monetize information as a real asset. Infonomics endeavors to apply both economic and asset management principles and practices to the valuation, handling and deployment of information assets.