What is data monetization and which benefits does it give to data owners?
Digital transformations changed the way a lot of industries used to work. Many companies today have found non-traditional and new methods to use data. One of them is data monetization..
What is this? Data Monetization is a process of using and selling people’s data to obtain quantifiable economic benefit. In the 21th century data has become a valuable resource. Many businesses and organizations seek for new methods to generate value from data.
Why? Let’s examine the benefits which the process of data monetization brings to companies.
· Firstly, selling information optimizes its usage and creates value. New revenue generated from selling data can be used for further company development.
· Secondly, the process increases productivity and efficiency. When users share cookie files (we wrote about it before ), websites gather information. The last, then, will be used for meeting customers’ interests and creating better content or goods.
How many companies do use data monetization? According to the research of “BI-survey.com” many large companies in retail, services and financial area have established the process of generating value from information. Analytics states that 25% of firms online have already launched data monetization.
