The daily increase in the volume of streamed and processed data has led many firms to recognise creative and unusual uses for it, including data monetization. Monetization is the process of leveraging data produced by a corporation to provide a quantifiable economic gain. Depending on the situation, this can entail sharing data with third parties or using it privately to improve operations or capture new chances for innovation. Utilizing monetization has benefits for businesses, including cost savings, revenue growth, and the opportunity for new data-related services. The benefits of monetization now outweigh the initial time and financial investments, so there has never been a better time for your company to learn how to gain a competitive advantage through effective data collection and analysis.
The global Data Monetization Market was valued at US$ 2.4 Bn in 2019 and is expected to reach US$ 12.3 Bn by 2027 at a CAGR of 21.9% between 2020 and 2027. Data monetization is the process of leveraging company-generated data to provide a quantifiable economic gain. Businesses that monetise their data usually experience advantages like rising sales or falling expenses. Businesses can also leverage their data to generate slightly less obvious benefits, like new alliances or better supplier terms, by sharing information with third parties in a win-win situation. Too often, associated data management projects don't complement company strategy, and the opposite is often true. Executives should think about how data may assist their key corporate goals and long-term strategies. Take the energy sector as an example, where a company utilising service-oriented asset management might discover a lot about particular parts, supplies, or equipment. This information can be used to bargain for better terms and conditions with the supplier of the components and materials. Direct client input is also very important. What benefits do they see in the information you can give them? But initiatives to monetize external data must take into account legal, privacy, and intellectual property concerns as well as logistical and technological delivery challenges.
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November 2023
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