For any organisation, it’s not just about collecting data, but creating new possibilities, and new methods of access to the services for customers, and making it seamless for customers to use those services. Its is not just about opening new paths to new revenues, but making life easier for customers, and creating a better world for them.
When you go through the process of Data Monetisation for your organisation, you have to start with the amount of data points that come out of your business, and what use cases you can develop from these data points, how you can monetise those use cases, what type of pricing models can be established for those use cases.–And then figure out how you can position them in terms of a business model.
When you think of Data Monetisation, thinking of the platform and about breaking the silos is ‘key’ to transforming the economics of your business. Its ultimately a value chain, where collecting the data is one thing, connecting it is another thing, transforming the data is another thing, and operating the data is yet another thing. This is the value chain that bridges the gap–If everyone contributes to aggregating their services for their consumers.
In the past, companies would broker their data. Take the example of a car company, that would take information from a mapping company, and offer it as a service to their clients. This evolved into a bartering model; for example, companies like Otonomo that aggregate data from car companies and fleet companies, puts it all together for a variety of customers to use. Now we are seeing a transformation where companies are evolving into organisations that does data analytics to build business intelligence, and then offering their business intelligence and analytics to customers.
There can be so many uses cases that can come out from data in any business. Whether its fleet management, developing UBI cases, platforms that manage traffic in a smart city, or providing location based data to banks through partnerships with telecom providers, and so on. The opportunities with your data, and what uses cases can come out of it is tremendous. We have only just begun to touch the tip of the iceberg when it comes to monetising data–The future is about monetising data.