To make money from data requires insightful data.
Data monetization is generally understood as the “process of using data to obtain quantifiable economic benefit” (Gartner Glossary, Data Monetization). Three typical ways to achieve this, include:
- Using data to make better decisions and thus enhance your business performance
- Sharing data with business partners for mutual benefit
- Selling data as a product or service
Whichever way you choose, data monetization gets more profitable if you can provide context to the data and make it insightful. The more insight your data provides, the more valuable it is. Take as an example a person about whom you know the job title. That is basic master data. Adding to that information the insight that the person has recently changed jobs, can open new business opportunities or guide your marketing efforts to be more targeted. Perhaps the job change entails a salary increase, a change of location, new business connections, etc.
In this article, you will find some data monetization examples and use cases and learn how master data management, specifically multidomain master data management can help provide data insight.
In short, master data management (MDM) can help build insights by adding context to information and creating 360° views of customers and businesses. Multidomain MDM is characterized by common governance of different data domains, thus revealing enhanced insights at the intersections of those domains.