Data monetisation refers to the process of using data to obtain quantifiable economic benefit.
Internal or indirect methods include using data to make measurable business performance improvements and inform decisions.
External or direct methods include data sharing to gain beneficial terms or conditions from business partners, information bartering, selling data outright (via a data broker or independently), or offering information products and services (for example, including information as a value-added component of an existing offering).
Too often corporate strategy is not supported by related data management initiatives and vice versa. Executives should evaluate their key business goals and strategic initiatives through the lens of how data can support them.
Once you understand the quality of data and have tied it to business strategy then you can put the right structures in place to monetise it.
Often this involves assembling a multi-disciplinary, cross-functional team – including information product leads, data management experts and executives from sales, marketing and operations – to create a platform for business innovation powered by the data.