How do we value our data? That’s the question so many in business are asking at a time when the volume of data available to companies is growing exponentially. What companies are realizing is there is no finite answer to valuing data. Unlike tangible assets, the value of data can grow the more ways it is utilized and the more insights that are drawn from it.
No wonder then that data monetization – literally defined as the process of increasing the economic value of data through technology right is becoming such an important and growing area for all businesses.
Through data monetization, your business can start treating data as an asset and gain the benefits from maximizing its value.
Good data management is about making sure you have the proper data to support your business and improve performance. Smart data utilization also helps in managing risk and assures that the business is compliant with laws and regulations.
But it can only serve this purpose effectively if you know where your data resides, how relevant it is, and how valuable it could be.
Often companies fail to accurately value their data because it is not strictly accounted for as an asset even though it has real worth in external markets.
Always make sure your data is in good order to make monetization without stress. Too many companies lack metadata – i.e. data about data – such as the data quality, where it’s stored, and what it means. Many companies are more likely to have a more detailed inventory of their office furniture than their data.
Before thinking about monetizing data, companies need to discover what kind of data they hold about their partners, customers, products, assets, or transactions and what publicly available data can be called on to increase the value of their proprietary data.
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Too often corporate strategy is not supported by related data management initiatives and vice versa. Executives should evaluate their key business goals and strategic initiatives through the lens of how data can support them.
Once you understand the quality of data and have tied it to business strategy then you can put the right structures in place to monetize it. Often this involves assembling a multi-disciplinary, cross-functional team – including information product leads, data management experts, and executives from sales, marketing, and operations – to create a platform for business innovation powered by the data with the use of technology
Ultimately, the sooner companies educate themselves and settle on a strategy to monetize their data the better. With the amount of data increasing at an exponential rate, those companies that understand its potential and can monetize it should enjoy a real advantage over prospects that still struggle to understand their true employment possibility.
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