A good list Jeff.
I would add, can you maintain the data and are there any reasons the source may discontinue.
The first that I always look at is usage rights, what are you allowed to do and not do, this fundamentally shapes any data monetization project.
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Andy Bell
Director
Global Data Product Management
Pitney Bowes Software & Data
Leeds, UK
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Original Message:
Sent: 05-07-2019 16:03
From: Jeff Bank
Subject: Data Monetization
More data will be created this year than in the previous 5,000 years and less than 0.5% of that data is being analyzed for operational decision making. Digital data is more readily available and easily gathered and we will see the number of digital transactions grow by more than a factor of 20 over the next 10 years. With all of this new data being derived, how should companies look at monetizing their internal data by turning it into useful and valuable information?
Data Monetization is to externally monetize raw data generated as part of ongoing operations or value-added information derived from raw data.
The key areas I consider when evaluating whether to monetize data are:
- Availability of Data
- Quality of Historical Data
- Uniqueness
- Currency
- Provide Insights into Consumer or Business Behavior
- Usage Rights
- Ability to Productize
- Deliver Actionable Products
- Integrate Within Key Customer Decision Points
- Right Business Model and Go-to-Market Strategy
You want to look differently at the data you use internally and how it is created (i.e. Transaction Exhaust), as well as data ownership and rights for usage. If you can turn that data into insightful information, you might have value within your company that is not currently being recognized.
What are the things you consider when looking to monetize data?
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Jeff Bank
PITNEY BOWES SOFTWARE, INC
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