Data Monetization Defined
Okay, let me try this:
Data Monetization can be defined as maximizing the revenue potential from available data by institutionalizing the capture, storage, analysis and effective dissemination of that data.
What da …. who da????? Lost me on that one. Let me try again.
Data Monetization can be defined as:
- Maximizing the process of capturing all relevant company data;
- The storage and optimization of said data;
- The value and need for strong data analytics; and,
- The leveraging of said data by the entire company so as to drive the maximum ROI from the data.
Okay, that was a little better.
Josh Siegel once said (something to the effect), “Data is power. It differentiates and becomes the basis for new products, sales and customer relationships. A company’s ‘optimal exploitation of data’ is key, but more importantly, that exploitation drives revenue.”
While Matthew Colon once told me, “The data source landscape is expanding at a remarkable rate. The big winners will be the ones that can put themselves in a position to grow with them by storing and organizing the data efficiently, and being creative in their use.”
The financial service leaders recognize this. Google recognizes this. I recognize this.
Do you recognize the value of Data Monetization?
If you still need more convincing, here’s a great perspective from Josh Siegel:https://www.delltechnologies.com/en-us/index.htmcollateral/emc-perspective/h8709-ep-monetizing-data.pdf.