But if you don’t believe us, here are a few real-life data monetization examples of how companies can make profits from the analysis of data value. Technological giants and their data production Companies like Google and Amazon are known of platforms that make the shopping experience easier for customers around the world.
Manufacturers and industrial companies need to determine whether monetization might compromise the use of the data for strategic improvements that could create a competitive advantage. For example, industrial company GE has invested heavily in machine-generated sensor data for its hardware. Companies need to be particularly responsive to outside compliance requirements driven by government regulators or outside partners who contribute to the data monetization business model. In both cases, legal and technical counsels need to shape policy and ensure compliance . Types of Data Monetization. Internal data monetization - An organization's data is used internally, resulting in economic benefit. This is commonly the case in organizations using analytics to uncover insights, resulting in improved profit, cost savings or the avoidance of risk. We help to discover new, data-driven monetization opportunities that allow companies to leverage their existing customer base and raise their bottom line. Our proactive tools help to meet business challenges by translating data into effective commercial actions, such as highly targeted promotions and store location selection. Data monetization is at an early stage of adoption but is expanding. 17 percent of companies have established data monetization initiatives, a further 12 percent are currently building prototypes and another 10 percent are still developing a concept. Large companies from retail, services, finance and banking are leading the way and, in general
Data Monetization: New Value Streams You Need Right Now
Fueling growth through data monetization | McKinsey
Bold insurers are taking the lead in data monetization
May 08, 2018 · Data monetization is the next frontier in digital transformation. While many companies are entrenched in programs to use big data to help make better-informed decisions, the next step for CIOs and On a more positive note, an analysis of the relative strengths of payments providers, banks, telecom companies, retailers, and digital firms in terms of their access to customer and merchant data shows that payments providers are well placed to capture emerging data monetization opportunities (exhibit). Sep 26, 2018 · But first, companies should prioritize building a strong data foundation— including strategy, design, and an open architecture— in order to build the business case and technical platform needed to effectively monetize data. If you want to take a deeper dive, check out this McKinsey report, Fueling Growth Through Data Monetization. Aug 27, 2019 · On the contrary, companies can use this opportunity to establish trust with customers while becoming more thoughtful and innovative about their approach to data monetization. Here are the three key factors organizations need to know about monetizing their data while respecting privacy and complying with regulations: In today’s data driven economy, Data is a strategic asset to a company and data monetization is prime focus of many companies. Let’s see how data monetization will be achieved in 2018. By Yash Mehta , IoT, M2M, Crypto and Big Data.