What is Big Data Monetization?

Data Monetization is a process through which the data can be exchanged or traded. Data will be leveraged between companies which will end up in generating good amount of revenue. Collating the data from different sources and leveraging it increases the data usage which also results in increasing the data discovery and utilized for research purpose as well.

How to monetize a company’s data?

The main important aspect that is required to monetize data is analytical skills. By this skill, one can identify the data which is most required by framing lot of questions related to one’s domain. These questions will trigger to analyse the available data to come up with answers. In olden days, researchers use variation in data every second to identify the infection before it comes to a baby. This is possible only by identifying the patterns every minute which is applicable to all other data in other domain as well. To create a big data, it has to be merged from various trusted sources to make it a valuable data asset. To enrich the data, every company should search outside for valuable data so that a big data asset can be created and used for research/invention purpose. Every organization can come with a large set of big data monetization based on its domain which might generate revenue services.

Big data monetization benefits:

1.       Better decision making

2.       Granular and real time decisions

3.       Increased profits by reducing risks

4.       Reduction in cost

5.       Improvement in research & inventions

How to mitigate the data monetization risks?

Regulatory constraints may arise during data acquisition or its usage. So, while collecting and merging the data, one should be aware of the owner of data and the constraints associated with it. There are many laws created to avoid misuse of data which has huge penalties and punishments. It is to be kept in mind that one might not be the owner of the data even if they have access to it. There could be contractual risks occur while merging certain set of data.

Conclusion:

Big data monetization should be achieved by every company without the risk of any breach in data. Hence, it should be balanced by collecting only the necessary data. When questioned, one should have proper justification/reason for collecting the big data as Data Monetization could turn out as one’s legal responsibility.

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Created on Dec 31st 1969 18:00. Viewed 0 times.

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