Data Monetisation Simplified

We're in a data-dominated age. Every digital action we take produces data, which holds significant worth. So, how can this value be tapped? The answer is data monetisation.

What is Data Monetisation?‍

Data monetisation is about deriving economic benefit from data. This is done in two primary ways:

1. Internal (Indirect) Data Monetisation: Instead of selling data, this method uses it to boost business performance and guide decisions. For example, a retailer may analyse shopper data to refine their marketing, thereby improving sales. Through data, businesses can spot market trends, understand customer habits, enhance their offerings, and boost profits.
2. External (Direct) Data Monetisation: Here, data is sold or shared to generate income. This can happen through:
3. Data Sharing: Trading data with partners for beneficial deals.
4. Information Bartering: Swapping data between entities for mutual benefits.
5. Selling Data: Directly selling data, often through intermediaries called data brokers.
6. Offering Information-Based Products: Creating and selling data-driven products or services, like subscription-based data access.

Data monetisation is promising but comes with challenges like ensuring data privacy, maintaining data quality, and adhering to regulations.

Yet, as our reliance on data grows, successful data monetisation becomes a key competitive edge. It's not just about earning from data, but about using data as a pivotal asset for business growth, both internally and externally.

A game-changer in this domain is technologies like tapestry's ®Data Fabric. It aids data monetisation by offering a unified, scalable, and secure platform to manage and benefit from data. With tools like this, businesses can truly harness their data's potential, leading to more innovation and success in our digital era.

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