In a recent webinar with Revelate, special guest Doug Laney emphasized the importance of monetizing data assets effectively. Data monetization is about generating measurable value streams from available data assets to drive value creation, internally or externally. There are two ways to do this: indirect and direct data monetization.
Indirect and Direct Data Monetization
Indirect data monetization involves using data internally to improve performance, reduce risk, develop new products or markets, or solidify partner relationships. Direct data monetization involves externalizing data by bartering or trading with data, licensing data, selling insights and analyses, or enhancing existing products or services by baking them.
Measuring the Impact of Data on Business
But here’s the catch: a significant challenge that organizations face when monetizing their data is not measuring the impact that the data is having on the business. According to Laney, organizations must determine the cost basis and economic value data assets provide to understand their net asset value. Data is not an accounting balance sheet asset, but organizations should still understand its cost basis and economic value.
Approaching Data Sharing with Partners
Laney also stressed that companies must carefully approach data sharing with partners to improve favorable contract terms, enhance service offerings, or sell directly to them. Many retailers, for example, make their data inventory sale shopping basket analysis available to their partners.
Data Monetization as an Ongoing Process
Laney emphasized that data monetization is an ongoing process that requires organizations to focus on generating measurable value streams from available data assets to remain competitive in today’s data-driven world. So, are you ready to start monetizing your data assets effectively? Watch the webinar to learn more.
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