Innovate your data. Use a monetization strategy.

How to deploy a data monetization strategy

Companies that innovate through data monetization recognize this, monetization can be tricky. Get it right, and you have happy customers and users who are willing to pay for your product. But mis-prioritize and your audience numbers quickly drop, along with your revenue. Building data monetization based on the principles of ‘trusted data’ ( mitigates the risk of mis-prioritisations).

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Opportunities for monetization

Data driven business models help to understand how data can discover new opportunities. This can be focused on value for efficiency (reducing costs and risks), value for legislation (comply with relevant regulations) and value by maximizing profits, by increasing impact on customers, partnerships and markets. This can include embedding data models, metadata and analytics into products and services. Data monetization needs to be scalable, flexible and user friendly, thereby providing advantages for the company and its customers.

“Having a full understanding of monetization possibilities will help to keep an open mind.”

Direct monetization of data is where things get interesting. It involves selling direct access to data, e.g. to third parties or consumers. This can be in raw form (heavily anonymised due to privacy regulations), aggregated, metadata only or transformed into analysis and insights.

Data-as-a-service

This is the most direct data monetization method. Data is sold directly to customers (or shared with partners for a mutual benefit). The data is e.g., aggregated and/or anonymised, to be fully in accordance with legislation. And to enable trusted data. Buyers mine the data for insights, including combining it with their own data. Or use it for AI solutions within a software. Ecosystem play is the newest area for Data-as-a-service.

Insights-as-a-service

This applies analytics to (combined) internal and external data. It focuses on the insights created using data, rather than the data itself. Either the insights are sold directly or provided as e.g. analytics enabled apps.

Ecosystems-as-a-service

This is a more flexible type of data monetization. The data ecosystem provides highly versatile, scalable and shareable data and/or analytics, when needed in real-time. Standardized exchanges and federated data management enable using data from any source and any format.

Analytics-as-a-service

This is the most advanced and exciting way of monetizing data. Analytics-as-a-service seamlessly integrates features such as dashboards, reports and visualization to new and existing applications. This opens up new revenue streams and provides powerful competitive advantage.

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D8A Directors

D8A Directors

D8A challenges the status quo and drive progress. We don’t deliver what companies ask, we deliver what companies need! Our views are our own. Go to: www.d8a.eu.