What is Data Monetization?
Data Monetization is the process of leveraging internal and external data, both directly and indirectly, to gain measurable economic benefit.
Data monetization = Increased revenue, reduced costs, and new product/service offerings.
Modern enterprises are finding new ways to utilize data to generate business benefits. Data monetization makes it possible to achieve tangible and intangible benefits, including improved business performance, reduced costs, increased revenues, introduction of new products and/or services, and better business partnerships.
However, there are challenges to the effective monetization of data, including assessing the value of the data, identifying the audiences for those data sets, and defining the ultimate objectives for monetization. While every enterprise has unique needs and objectives, successful data monetization requires having a clear definition of those objectives and a suitable operating model that includes governance, compliance, security, and technology best practices.
