- August 31, 2023
- Posted by: Abishek Balakumar
- Category: Data & Analytics
Data isn’t just a byproduct of operations – it’s a goldmine waiting to be tapped. The strategy of “Modernize to Monetize” or “Data to Dollars” has taken center stage, endorsed by industry stalwarts like Forbes, Harvard Business Review, Gartner, and Forrester. This concept isn’t new; it’s been heralded since the early 2000s. But in 2023, it’s backed by an array of real-world success stories highlighting how data monetization isn’t a mere trend – it’s the key to enhanced financial performance and market growth.
Quick Insights!
- 1. By 2025, people will create more than 181 ZB of data.
- 2. 82% of organizations plan to increase their investments in data modernization in 2023, up from 41% in 2022
- 3. By 2025, large companies will share data for collaboration, data assets will be treated as products, and interconnected devices will collect real-time information.
- 4. 61% of companies think the fast-growing data volume limits their ability to fully harness their data.
- 5. A fifth of digital leaders feel they are effectively using data insights to generate more revenue
- 6. 22% of chief executive officers believe using data effectively to develop new products and services is an important source of their growth in the next five years.
Webinar Unveiled: The Blueprint for Data Monetization
In collaboration with Srinath Venkatesh Nadkarni, Senior Vice President of the Data and Analytics practice, and Sreenivasan Rajasekaran, Senior Data Architect, presents an exclusive webinar poised to be a game-changer – Accelerate Monetization of your Data Assets with Data Modernization!
Cracking the Code: The Data Monetization Maturity Framework!
This webinar isn’t just another online event; it’s a window into transforming your data into a strategic asset. It delves into the vital role data modernization plays in accelerating monetization efforts. Additionally, it lights the path to a successful modernization journey, sprinkled with best practices to ensure smooth data migration to cloud platforms.
Data monetization maturity is determined by the progressive stages of the model. Organizations embarking on this journey can follow these key phases:
Data Nascent Stage: At the initial phase, companies exhibit low data maturity and externalization. They possess limited familiarity with utilizing data and may lack a clear direction for its application. Despite this, they might opt to externalize the small amount of data they’ve generated, modified, or repackaged. This transition marks the move into the Data Services phase. They might offer basic data services such as APIs or shared databases accessible to external partners.
Data Services Phase: These entities may advance their offerings over time by providing more comprehensive datasets for nominal charges. While not offering high-value data, they present a deluge of data, leaving consumers to discern its value. This phase categorizes them as Bulk Data Providers. The responsibility of extracting value rests primarily with the data consumer. This stage showcases substantial data externalization but lacks maturity.
Information Productization Stage: Recognizing the growth potential, some companies opt for higher maturity by transitioning to the Information Productization stage. This move comes with new market prospects (high externalization, moderate maturity). Companies may streamline their data offerings, replacing the data deluge with higher-value data products tailored to specific market needs. As these businesses understand the market demands their data can fulfill, their maturity deepens. This understanding serves as a foundation for subsequent scaling.
Line of Business Phase: As organizations enhance their data product maturity and develop a profound grasp of their underlying data, they progress into the Line of Business phase within the monetization maturity spectrum. They begin selling larger quantities and a diverse array of data products. This transition marks the point where data licensing transforms into a tangible revenue source. Eventually, the proceeds from data licensing and productization become substantial enough to warrant inclusion in the Profit & Loss (P&L) statements, significantly impacting the bottom line.
This evolution towards a data-driven line of business hinges on complete data externalization and the capacity to cater to external customers. Each stage, from nascent data utilization to establishing a profitable data-focused line of business, is characterized by varying data maturity and externalization levels. This model illustrates how businesses can progress and capitalize on their data assets, generating significant value and contributing meaningfully to their organizational success.
Infusing Value with 2023 Data Insights
Our webinar isn’t just a theoretical exploration; it’s anchored in 2023’s data and analytics trends. Expect recent statistics from top-notch research firms to punctuate the discussion, offering you actionable insights for your strategic decisions. Here are our quick tips!
Gather, Centralize, Analyze: Create a single hub for all your data, making analysis easier. Imagine you’re a retail chain aiming to boost sales. Centralizing data from all your outlets allows you to analyze buying patterns, identify popular products, and enhance inventory management.
Opt for Your Model: Choose between monetizing data internally or externally. Picture a fitness app that tracks user activity. You can use this data to enhance your app’s features (internal monetization) or partner with health insurers (external monetization) to offer personalized plans.
Comply and Secure: Adhere to data regulations like GDPR and ensure data accuracy. Suppose you’re a healthcare provider offering telemedicine. By safeguarding patient data, you gain trust, enabling fruitful collaborations with other healthcare players.
Elevate Your Strategy: What Awaits You
Embrace the future of data monetization by reserving your spot in this exclusive webinar. Armed with the right knowledge, you can propel your organization toward success, leveraging the power of data like never before. The question isn’t whether you should – it’s whether you can afford to miss out. Are you ready to seize the future?
