To make money from data requires insightful data In today's data-driven business environment, companies are constantly looking for ways to maximize the value of their data. One such approach is data monetization, which involves transforming data into a revenue stream. In this article, we'll explore some data monetization examples and use cases and explain how multidomain master data management can help provide data insights that support these initiatives. With the right approach to data management, businesses can unlock the full potential of their data assets and gain a competitive edge in their industry. What is data monetization? 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. What is multidomain master data management? In short, master data management can help build insights by adding context to information and creating 360° views of customers and businesses. Multidomain master data management is characterized by common governance of different data domains, thus revealing enhanced insights at the intersections of those domains. This approach supports data analytics and business intelligence efforts....
8/6/24 |
8 minute read
