Data is the new oil , a famous quote reminds us.
Strategic decisions, efficiency of activities and processes, increas productivity: more and more companies are choosing to adopt data-driven strategies .
But while data valorization is an increasingly important asset within organizations, its potential outside is not yet well exploit, mainly as a resource to be shar or acquir by actors outside the organization.
This is technically call “ data monetization ,” but let’s go into more detail.
Data Monetization: What is it?
The term “data monetization ” is defin as the process by which strategic data assets own by a company or organization are transform into economically relevant assets through sharing, exchange and with parties outside the organization itself.
In such a context, data becomes bahamas phone number data for a company not only the engine of data-driven strategies, but also the factor of creation of new business opportunities.
The Big Data & Business Analytics Observatory of the Politecnico di Milano has develop a synthesis model regarding the different data monetization strategies that can be implement in three different situations.
- Direct saleThe
data represents the real exchange value between two parties and is made available in exchange for a direct flow of money, obviously in full compliance with current regulations on confidentiality and processing of personal data. - Enriching the offer
In this case, the value of a pros and cons of white doors in the interior of the apartment data monetization operation lies in the possibility of offering data in combination with a specific service/product to increase its value and differentiate it from the competition. - Sharing
In the case of sharing, data becomes material for free exchange and sharing for specific purposes which can range from brand reputation to product improvement and development rather than cross-selling and up-selling activities.
Data Monetization with Blendee: Transform Your Data into Economic Value
Data ingestion, actionable insights sms to data through artificial intelligence and machine learning algorithms, data monetization: Blendee’s Marketing Operating System enables publishers, enterprises and data-driven businesses to maximize the value of data across the supply chain through the use of different technologies and approaches.
In addition to the above-mention activities, ranging from direct data sales to free sharing, Blendee offers the possibility to create data-driven business models also by leveraging Data Lake technology , which allows data to flow in a native format in a dynamic and secure environment for efficient analysis, governance and sharing of the same.
But Blendee’s data monetization and data collaboration capabilities don’t stop there: Blendee also lets you manage requests and activations for specific audience packages directly within the platform for even more effective and profil advertising campaigns.
Data Monetization in the Italian Market
Although the value of data is set to grow more and more in the coming years , so much so that it is estimat that it will constitute around 11.5% of the value of the national GDP of southern European countries, including Italy, by 2030 (source: Bahrain FinTech Bay – PwC), many companies have not yet fully understood the potential that data monetization can bring, even in strictly economic terms.
In 2019 alone, the Big Data & Business Analytics Observatory of the Politecnico di Milano found that over 72% of companies made their data available to third parties and acquir it in turn, completely free of charge.
However, the situation is about to change. An international study publish in 2023 by Deloitte ( Global Technology Leadership Study 2023 ) conduct among 1,179 CIOs, including 245 Italians, reports that the global data monetization market is expect to reach a value of $ 15.5 billion by 2030 , with an average compound growth rate of 22.1%.
Growing investments, but not only: around 36% of respondents already say they are able to generate profits through data monetization.
Analysis, data activation, but not only: companies and organizations have in their hands an enormous potential that they are not always able to fully exploit. The first step is to consider the data and information you have as a real internal asset.
This is where you build your competitive advantage in an increasingly dynamic market, but you ne the right technology stack.