Data monetization enables a company to commercialize the data by generating valuable insights that various customer stakeholders will pay for.
That means there could be a business sitting inside your business…a treasure trove of data that may be even more valuable than your core business.
Understanding and unlocking this data takes extraordinary care, but the rewards may open up dynamic revenue channels, new products or services.
With the advent of cloud computing, machine learning and artificial intelligence – it is easier to develop and scale a data business that delivers healthy margins. TechCXO can help you monetize your data assets in a way that is privacy friendly, delivers value to your customer and drives positive social and economic impact.
Fundamentals of Building a Data Business
A framework of eight business fundamentals to consider when building a data business:
Strategize – a data strategy is not a stand-alone strategy, and it should be aligned with the company’s overall strategy to optimize execution.
Utilize – this is a review of the data you have, and what data you still need to address your target customer needs – in a nutshell how it will be utilized. This involves securing customer permissions from your data sources, and putting the data infrastructure in place to extract, transform and load the data into an analytics platform to derive valuable insights
Anonymize – determine how to anonymize and aggregate the data so that you are compliant with data privacy regulations and earn customer trust
Securitize – ensuring that you have information security processes and technology in place to prevent unauthorized access and data breaches
Humanize – build the human resources infrastructure – not only data scientists and machine learning experts, but also training your existing functional leaders to understand data and the implications for how they do their jobs
Productize – this is not only a technical approach to building a data product, but how to ensure the product actually meets customer needs beyond the cool factor
Democratize – ensuring that your data offerings can be used by customers who are not just data scientists so that it is integrated into the day to day activities of your customers
Monetize – ensuring your data business achieves its financial objectives, along with pricing and go-to-market strategy
TechCXO has c-level executives who are expert in data analytics monetization. TechCXO can provide guidance on how to capitalize on your data and apply the eight data fundamentals to your business.