Data monetization is a business capability where an organization can create and realize value from data and artificial intelligence (AI) assets. A value exchange system built on data products can drive business growth for your organization and gain competitive advantage. This growth could be internal cost effectiveness, stronger risk compliance, increasing the economic value of a partner ecosystem, or through new revenue streams. Advanced data management software and generative AI can accelerate the creation of a platform capability for scalable delivery of enterprise ready data and AI products.
Why data monetization matters
According to McKinsey in the Harvard Business Review, a single data product at a national US bank feeds 60 use cases in business applications, which eliminated $40M in losses and generates $60M incremental revenue annually. In the public sector, Transport for London provides free and open data across 80 data feeds powering over 600 apps and contribute up to £130m to London’s economy.
Data monetization is not narrowly “selling data sets;” it is about improving work and enhancing business performance by better-using data. Internal data monetization initiatives measure improvement in process design, task guidance and optimization of data used in the organization’s product or service offerings. External monetization opportunities enable different types of data in different formats to be information assets that can be sold or have their value recorded when used.
Creating value from data involves taking some action on the data. Realizing that value is the activity that ensures there is an economic benefit from the created value that contributes to the organization’s bottom line.
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