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Powering Innovation Through Data Monetization
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An increasing number of companies are starting to build data-driven strategies to fuel growth in the upcoming data economy. Though in its nascent stages, data monetization is having a huge effect on many industry verticals. Every company will, at some stage, transform into a data company through direct or indirect approaches. However, there is a lack of strategic direction and standardization in business processes among companies for building a successful data monetization model. The success of a data monetization strategy lies in extending the frontiers of digital innovation. This study aims to identify the potential routes for monetizing data assets that would help companies transform digitally and have a sustainable growth in the data economy. These routes are designed to provide a clear understanding of the business processes and the evolution of data across the value chain.Data Bartering:Data bartering model refers to a transaction where data sets are exchanged between two parties without any monetary assets being involved.Data Brokering:It is a process of collecting and aggregating data from various data sources, such as public records, scrapping online activity, and purchase history, or from third-party data providers, and selling it to data consumers.Insights Bartering:The insight bartering model refers to a transaction in which data insights are exchanged for business intelligence solutions between two parties.Business Intelligence (BI):In this model, companies build predictive insights through BI tools in order to develop actionable insights using historical and current data.Along with the above monetization models, the study also identifies 7 actionable framework plays that are plugged into various case studies on high-performing data monetization companies. These framework plays are designed to get a 360 degree view on data use cases by ranking them in terms of providing potential growth opportunities and innovativeness. The foundation of a successful data monetization model is identifying the right strategy, design, and architecture for building a compliant and secure data ecosystem, and, most importantly, having the right pricing framework in place that aligns with the expected business outcome. The study provides insights on the key implications of data monetization on a company’s operating models and business functions. Finally, the study also offers insights on growth opportunities in the space of data monetization along with a brief future prospect of how data monetization will evolve and disrupt traditional industries, such as automotive and healthcare, and what potential new opportunities will be created in the future by data monetization.
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