A goldmine lurks within your valuable data assets for anyone to start mining. Every organization has raw masses of data stored within systems of record, content management systems, reports, Adobe PDF documents, web sites, social media feeds, log files or scanned artifacts that can be scraped, shaped and transformed into digital gold. How can you extract the most value from your data?
Please join me in an upcoming live webinar on October 5 at 1:00PM EST to discuss this industry hot topic, get inspired and see demonstrations of processes that can be used to automate preparation, publishing and packaging of data for internal reusability or external sale.
In our webinar and soon to be released white paper, we will share:
- Popular Data Monetization Ideas and Models
- Tips for Planning Data Monetization Projects
- Architecting a Solution using Datawatch Monarch and Swarm
Mining Your Data into Digital Gold
Large enterprises, small businesses and even individuals with a good idea can monetize data. The barriers to market entry have fallen. The technology is readily available and easily scalable. It is the right place and the right time to seize this opportunity.
It is the right place and the right time to seize this opportunity.
While technology helps collect, store, and deliver insights from data, a sound strategy, viable business model and careful planning are critical success factors for effectively monetizing your data assets in the digital era. Large organizations have appointed chief data officers (CDO) to take on the mission of maximizing data value and producing new revenue streams. Gartner’s Doug Laney just published a highly-anticipated book on this topic called “Infonomics”.
Designing unique data revenue streams is both an art and a science.
Much like entrepreneurship initiatives, designing unique data revenue streams is both an art and a science that requires creative thinking from a variety of different perspectives.Common data monetization strategies include indirect and direct methods such as gaining measurable performance improvements, productizing information or bundling add-on data offerings for existing products or selling data. Another popular monetization strategy includes developing data models, analytics and reporting subscription service offerings. We’ll explore more ideas in session.
Planning for Data Monetization
Beware. If not planned properly, data monetization initiatives can be fraught with potential pitfalls. The legal climate for data is complex and ever-changing especially when it comes to personal data with legislation such the General Data Protection Regulation (GDPR). There is always a careful balance between controlling risks versus preserving detail data, aggregating or de-identifying values. When managing external data projects, data security and privacy are crucial topics to master.
Before proceeding with your data monetization ideas, assess whether there are legal, statutory, and/or ethical right to sell or use data in the manner you intend. Also consider market and competitor reaction to your new offering. Legal teams will need to review and potentially revise end-user license agreements (EULAs) and privacy policies concerning the data on which the monetization effort is based. Don’t move forward without the proper planning, licensing, rights and protections in place.
Architecting a Scalable Solution
Datawatch Monarch is the market leader in enterprise-ready, easy self-service data preparation. Monarch can be used to mine data from unstructured data and many other types of data sources. Today Monarch is used in over 40,000 organizations including 431 of the Fortune 500. The largest accounts process over 300 million unstructured documents applying over 9,000 Monarch models monthly.
From a technical perspective, Datawatch Monarch, Monarch Server and Swarm can deliver on the promise of extracting business value from your data to monetize it. Today organizations can easily and efficiently scale automated processes for data preparation and publication of datasets into a searchable catalog for sharing, reuse and governed, social distribution.
Monarch Platform for Data Monetization
The Datawatch Monarch Platform offerings are proven for unstructured, dark data extraction. Data providers can use Datawatch Monarch to mine and prepare all kinds of data from both structured and less-than-structured sources, such as PDFs, reports, and EDI streams, and then publish it to Monarch Server and/or Monarch Swarm data marketplace. These processes can be automated with workflow and job scheduling.
Data consumers can easily search, enhance, collaborate, share and reuse prepared, securely managed data in the Monarch Swarm data marketplace using a variety of options. Monarch Server and Monarch Swarm both enable native support for the most popular visualization and advanced analytics tools in the industry including but not limited to Tableau, Qlik, Power BI, IBM Watson Analytics and others. Datasets published to the data marketplace can also be consumed directly in the web browser or exported to file shares. Monarch APIs allow for more advanced data marketplace integration with shopping carts or other web applications.
Forward looking organizations across the globe are thinking about data monetization opportunities. With the rise of the Chief Data Officer (CDO), data value conversations have been elevated to C-level and Board agendas. All organizations have data that could be better utilized internally or sold externally in new revenue streams.
For additional information on mining and monetizing data, please join me to delve deeper into these topics in the upcoming webinar, read the white paper and download a free trial of Datawatch Monarch.
- Datawatch website
- Datawatch Monarch Trial Download
- Monetizing Your Valuable Data Assets Webinar
- Monetizing Your Valuable Data Assets White Paper
- YouTube Channel
- Other Resources