Data Monetization With IBM For Your Financial Benefits

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What is Data monetization?

Data monetization involves leveraging data to make money. Internal or indirect methods include leveraging data to improve corporate performance and inform choices. Data sharing to gain favorable terms from business partners, information bartering, selling data outright (via a data broker or independently), or offering information products and services are external or direct methods.

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A healthcare company may be cautious about using the word data monetization since it implies they are making money from private healthcare data, but they are using it to minimize costs and risk. Data is one of organizations’ most important intangibles. A holistic approach that prioritizes data-driven business transformation optimizes value extraction. Data-driven transformation enables enterprise-wide cost reductions and net new direct revenue potential.

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Organizations must prioritize three areas for data monetization:

• Improving data quality
• Finding useful insights
• Applying these principles to business

1. Executing these basic concepts is essential to value realization and data monetization, whether you use data and insights internally or externally.
2. Most data optimization efforts focus on infrastructure cost reduction. Data-driven business transformation techniques can boost revenue growth, and optimize infrastructure, development, maintenance, and data security and compliance.
3. Data products use AI to extract unique insights from a company’s internal or combined internal and public data to drive business choices. Data assets managed as products include service contracts, repeatable delivery methods, and a clear value proposition.
4. Different functions or corporate units can use data products internally. Internal data monetization occurs when a company regularly shares its data to improve efficiency and get qualitative or quantitative benefits.
5. Multiple companies and ecosystems can consume data products. External data monetization involves sharing data for strategic and financial gain.

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Plan your data monetization strategy:

• Think about how monetization fits into your company, digital, and data strategy.
• Targeting external customers, internal employees, partners, agents, or distributors?
• Has your data warehouse or lake buried audience insights?
• To reduce churn and give your product a competitive edge, including analytics to free up time for revenue-generating processes.
• Calculate potential via a business value assessment or monetization calculator.
• Understand user demands and account for self-service, personalization, scalability, extensibility, and multimodal access via web, mobile, and conversational AI.

Takeaways

A modern IT estate relies on the vast amount of data available through digital gathering points. Metadata, time series, geolocation, biometrics, and behavioral aspects have enriched customer, product, and other data domains. Healthcare is a promising market for this data. Better data privacy and utility are empowering patients and facilitating a paradigm change toward patient-focused outcomes and services as this industry digitizes.

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Market shifts and methods can complicate data modernization and enablement. Exploration of data-driven sectors and their scaling strategies might help you picture a data-driven, technology-enabled business and economic value. With the correct conditions and data strategy, data may be commercialized and monetized. Solid data management foundations are needed to advance through the current data value chain. Modernizing data-related people, technology, and procedures allows enterprises to sustainably commercialize and monetize data.