Over the course of the last year increasingly more clients have been inquiring with us about the topic of “Data Monetization”. In other words, they wanted to learn more about how Informatica enables their ability to “sell” their existing data from operations instead of just archiving them away or deleting them. As you can imagine, this is especially difficult for industrial B2B firms, which do not consider themselves peers of firms like Amazon. Just like Digital Transformation, Data Monetization is a tremendously gooey subject. It can mean so many different things and almost everybody has a different twist on it. Moreover, there is no good reading available on it besides some high flying marketing fluff.
Today, I will remedy this situation by starting a couple of posts about how we at Informatica view Data Monetization. The goal is to go a few levels deeper than you may traditionally find in your Google searches.
First, what is it? Monetizing an organization’s data is already happening all over today. The good news of today is that by investing in your data management infrastructure, you are effectively monetizing your data. If you are not in the business of (digitally) transforming your internal operations with data already, get started with it first.
How, do you ask? De-duplicating, standardizing, linking, keeping lineage, transforming, moving and securing your data with a software tool enables your organization to be more productive by decoupling yourself from the legacy hand coding effort. It also ensures transactional integrity when it comes to
The new currency is how quickly and effectively a hedge fund can develop new uses of existing data sets when combining it with massive amounts of historical data.
Realizing that you are likely not a hedge fund manager, when would it be prudent to execute on this approach?
There are 6 major factors you should evaluate:
If you have these covered, you should be in good shape to start a more formal, meaning budgeted evaluation of your go forward. You may have also noticed that I spoke about a “product” in this list. The reason: what you are ultimately providing your customers is precisely that – a new Digital Product.
Companies like Nielsen, Acxiom, D&B, TransUnion, Equifax, Bloomberg and IMS run their business on licensing their data in raw format or as part of an application infrastructure. Your goal should be to become like them.
What will your new digital product do for your clients? It will likely fall into one or more of this six – yes, six again – digitization categories.
Source: [Informatica] Article: Stephan Zoder
Original Source: https://blogs.informatica.com/2018/03/06/data-monetization-pie-in-the-sky/#fbid=bAhhSrn9nfA