As companies continue their digital transformation journey, many are finding data that is valuable to both internal and external customers. The opportunity to produce new revenue streams through high-margin and valuable data has led many to explore the world of data monetization. In this article, we’ll discuss data monetization at a high-level, why enterprises are monetizing their data, and how you can do the same using the Harbr Data Commerce Platform.
What is Data Monetization?
Data monetization is generating measurable economic benefits from data assets and services that have typically been ‘productized’ to ensure scalability and reliability. These benefits can be realized internally to an organization, or externally to other organizations who purchase data available for sale through a marketplace. At Harbr, we believe that data monetization benefits can also be realized through the use of collaboration on multiple datasets to produce richer and higher quality data products. It is important to keep in mind that data that has been curated, rather than raw data, tends to have a higher value to the market. Finally, a successful data monetization business will utilize reliable and efficient methods of publishing data to the market, decreasing overhead cost and staying relevant among data businesses.
Why Monetize Data Now?
Companies undergoing digital transformation are realizing that they generate a lot of data, and are also consuming a lot of external data. Deloitte quotes Forrester that “70% of organizations were using external data in 2020 and further 17% [are] planning to do so in the next 12 months.” Through the use of internally-generated data and external data, companies can create new revenue streams by offering their data to the market for evaluation and purchase.
Additionally, as regulations addressing the use and transfer of data become clearer, companies have good standing to know what data they can monetize, and how they can do so in a compliant and sustainable manner.
How does Harbr Enable Data Monetization?
Harbr provides a secure and branded data commerce experience in the cloud. Customers control the data products offered to the market, enjoy the benefits of secure collaboration environments, and automate the customization of data products to increase value and margin, without increasing overhead. As a cloud-native platform, Harbr enables businesses to focus on their data commerce initiatives and strategy over underlying infrastructure and technology. The Harbr platform provides companies and data producers complete control over their data and access to the data in a private environment. Further, high-value data products can be derived through close collaboration with others, through the enrichment of data, “slicing and dicing” datasets, and solving business problems through the use of data science tooling. To support this, Harbr offers Spaces – secure data science sandboxes – where people and customers can collaborate, co-create and publish new engineered data products back to the marketplace.
Learn more about how to monetize your data in this guide and take advantage of the data commerce revolution.