How to Monetize Data: Strategies for Creating Data-Driven Applications

Data is no longer a backroom artifact guarded by the information technology (IT) department. Data is now viewed as a critical business asset, and some executives are now eager to monetize data using a new generation of analytics tools.

There are many ways to monetize data. Some approaches reduce costs by streamlining processes, while others increase customer satisfaction or improve decisions and planning. Still others augment existing products with analytics features or provide fee-based add-ons that generate direct revenue. Finally, some productize the data itself, aggregating customer activity data for resale to third parties.

This e-book provides a rationale and framework for monetizing data and explains the key success factors for developing the data-driven applications that are the backbone of any data monetization strategy. The e-book is geared to business and technical executives who want a concise guide to harnessing data for business gain.

Chapter one sets the stage by describing the rise of the data-driven applications outlines five approaches for monetizing data.

Chapter two defines a maturity model for data monetization and describes the five data monetization strategies in detail along with key issues to consider when implementing them.

Chapter three describes the characteristics of a data-driven organization. It defines ten steps for optimizing data to reduce costs, improve customer satisfaction, or generate revenue.

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