Data Monetization is the process of identifying and assigning value to enterprise’s data assets, aiming at a positive impact on company’s revenues.
It is about exploiting data at best to derive or create internal (through streamlining operations and positively impacting decision-making processes) and external value (augmenting your company’s market value, obtained through selling/marketing data products, enhancing existing services/products, increasing corporate’s valuation or thanks to compliance). Moreover, it also suggests combining data the organization already possesses with data which is externally available – opening up a new window of business opportunities, leveraging an ecosystem of (new) other business partners.
Monetizing data requires a sound, prioritized and user-centric approach to ensure you spend your efforts and resources in the most effective and efficient way.
The potential for data to deliver new business value for many parts is enormous. Using both internal as external data opens up a new window of opportunities.
Typical challenges before starting to monetize your data
Although data is considered as key corporate asset for a while now, it still has no dedicated spot in the ledgers…One of the reasons might be the complexity attached to categorization of economic value of data. Assigning value to data assets comes with a few pre-requisites, which are challenging to overcome:
- where to start? What is the best use-case to book early successes?
- having a clear understanding of data at disposal,
- how they exactly impact your business (data is used in multiple ways, processes, contexts),
- determining clearly what’s the market potential of your data – commercializing it with or without other ecosystem business partners;
- agreeing on a valuation method which can be used to benchmark data assets against each other as well as over time
How can we help
Together with you, we define your data monetization strategy and guide you through its realization.
We make sure it’s fully aligned with your corporate business goals and drivers. Leveraging an outside-in look into your organization, our approach is business-first and user-centric (internal & external) but does take into account your technology and architecture landscape and challenges.
Once we’ve identified your priorities, we help you select and realize monetization related use-cases in an agile way : fostering short term value creation, truly based on your own data.
Data Strategy & Transformation Roadmap
When you still want and desire to think your data monetization journey through, we support you in defining the strategy to adopt, in line with your corporate business goals. Together, we’ll define the best way forward – pragmatically but with no shortcuts.
Use-case identification & selection
In a co-creation atmosphere, we support your organization in identifying and selecting relevant data-monetization use-cases. Together with the right stakeholders within your business, we go through a time-bound process (workshop-based) to ignite your monetization journey.
Realizing your Data monetization journey
Once identified and/or selected, we can accompany you in the implementation and realization of your data monetization transformation.