The data monetization landscape is evolving
Data is a central resource. Only those who manage to extract value from their data will remain competitive, leading many organizations to seek new ways of creating value from their data. Data monetization is the process of identifying and marketing data or data-based products to generate monetary value.
This survey-based study seeks to answer the following questions:
- How relevant is data monetization and what level of maturity have current projects reached?
- How are companies monetizing data?
- What use cases have organizations already implemented? What use cases are being planned?
- Which technologies are used to implement data monetization projects?
- What are the benefits of data monetization?
- What are the biggest challenges in implementing data monetization?
Key findings include:
- Data monetization is at an early stage of adoption, but is expanding.
- Providing analysis results for process improvement is the main way companies monetize data.
- The most common technologies used monetise data are BI software and data integration tools.
- The benefits of data monetization are many—top amongst them are new revenue sources, development of new services, and improved customer loyalty.
- Data quality issues represent the biggest obstacle to monetizing data followed by data security concerns.