A guide to data monetizationTIPoT Technologies
“Like the oil industry, there will be those who make money through the raw materials and those that add value along the many steps in the value chain.”
his shows very nicely that there is not only one way to generate value by selling resources, but also to apply value-adding steps to make this resource even more valuable. By this you see that you’ve got different approaches to monetize your data and thus have the possibility to make a positive and measurable impact on your business revenue. Essential for direct data monetization is matchmaking between the right stakeholders.
The goal here is to mainly reduce costs and to improve the efficiency and effectiveness of your processes. This has multiple fields of application. One example could be the optimization of the test benches in your manufacturing process by reducing testing time. Another example is using field data to improve your product design.
With this monetization strategy, you do use your data, e.g. from products or processes, to discover new business opportunities, customer types and segments. This means developing new services or products — or at least enhancing your existing ones. Creating data-driven business models helps you discover radically new businesses instead of adjacent businesses. They are also valuable when it comes to diversifying your revenue streams.