Unlocking financial benefits through data monetization

9:22 pm
February 19, 2024

Unlocking Financial Benefits through Data Monetization

Summary: Data monetization refers to the process through which organizations leverage their data assets and AI capabilities to create tangible economic value. This article explores the financial benefits of data monetization, treating data as a strategic asset, identifying data products, AI-driven data platform economics, the economic impact of data monetization, and getting started with data monetization.

Data monetization enables organizations to utilize their data assets and AI capabilities to generate concrete economic value. This exchange system utilizes data products to improve business performance, gain a competitive edge, and address industry challenges in response to market demand. In 2023, the global data monetization market was valued at USD 3.5 billion, and it is projected to reach USD 14.4 billion by 2032, reflecting a compound annual growth rate of 16.6% from 2024 to 2032.

Treating data as a strategic asset involves adopting a holistic approach that prioritizes data-driven business transformation to optimize value extraction. Data optimization goes beyond infrastructure cost reduction and focuses on revenue growth potential, cost optimization across infrastructure, development, maintenance, and data security and compliance.

Identifying data products involves understanding specific industry needs and use cases that require different types of data products. These products, developed from internal or combined internal and public data sources, are augmented with AI to extract unique insights that drive business decisions. Data products can be created for internal or external use, leading to internal or external data monetization.

AI-driven data platform economics involve recognizing data as a product built or powered by AI, shifting from collection-led to product-led models, and leveraging platform-driven approaches to build solutions and reduce enterprise data architecture complexity.

The economic impact of data monetization unveils a business case spanning 3 to 5 years to capture short, mid, and long-term economic benefits, addressing market demands, scalability, and the pursuit of cost optimization and revenue enhancement opportunities.

Getting started with data monetization involves defining a data monetization strategy, identifying data products, and developing an integrated AI-driven data platform using IBM Cloud Pak® for Data, IBM Cloud Pak® for Integration, IBM® watsonx.data™, and IBM® watsonx.ai™.

Sources:
– International Market Analysis Research and Consulting (IMARC) Group
– IBM

FAQ

Q: What is data monetization?
A: Data monetization is the process through which organizations use their data assets and AI capabilities to create tangible economic value.

Q: How can organizations benefit from data monetization?
A: Financial benefits of data monetization include increased revenue, cost optimization, and enhanced business performance.

Q: What are data products?
A: Data products are assets developed from a company’s internal data sources or by combining internal and public data, augmented with AI to extract unique insights that drive business decisions.

Q: How can organizations get started with data monetization?
A: Organizations can start by defining their data monetization strategy, identifying data products, and developing an integrated AI-driven data platform using tools like IBM Cloud Pak® for Data, IBM Cloud Pak® for Integration, IBM® watsonx.data™, and IBM® watsonx.ai™.


Share:

More in this category ...

7:31 pm April 20, 2024

Fourth Bitcoin Halving Completed – Here Are The Implications

Featured image for “Fourth Bitcoin Halving Completed – Here Are The Implications”
7:29 pm April 20, 2024

TRON traders making an allowance for TON and Bitbot amid SEC lawsuit towards Justin Sun

Featured image for “TRON traders making an allowance for TON and Bitbot amid SEC lawsuit towards Justin Sun”
2:42 pm April 20, 2024

Probable Root Cause: Accelerating incident remediation with causal Computational Intelligence 

Featured image for “Probable Root Cause: Accelerating incident remediation with causal Computational Intelligence ”
12:15 pm April 20, 2024

Telegram to tokenize emojis and stickers as NFTs on TON blockchain

Featured image for “Telegram to tokenize emojis and stickers as NFTs on TON blockchain”
7:31 am April 20, 2024

Relay Chain Replacement And 10M DOT Prize Incentive

Featured image for “Relay Chain Replacement And 10M DOT Prize Incentive”
5:03 am April 20, 2024

Hedgey Protocol loses $44.7M in twin cyber assaults

Featured image for “Hedgey Protocol loses $44.7M in twin cyber assaults”
3:03 am April 20, 2024

The adventure to a mature asset control machine

Featured image for “The adventure to a mature asset control machine”
7:28 pm April 19, 2024

320 Million USDT Inflow Could Ignite Price Surge

Featured image for “320 Million USDT Inflow Could Ignite Price Surge”
3:24 pm April 19, 2024

Live from TOKEN2049: Telos broadcasts Ethereum Layer 2 partnership with Ponos Technology

Featured image for “Live from TOKEN2049: Telos broadcasts Ethereum Layer 2 partnership with Ponos Technology”
2:39 pm April 19, 2024

JPMorgan CEO calls Bitcoin a ‘Ponzi Scheme’ regardless of JPMorgan’s involvement in Bitcoin ETFs

Featured image for “JPMorgan CEO calls Bitcoin a ‘Ponzi Scheme’ regardless of JPMorgan’s involvement in Bitcoin ETFs”
7:30 am April 19, 2024

BNB Price May Have Another Chance For A Bullish Streak: Here’s How

Featured image for “BNB Price May Have Another Chance For A Bullish Streak: Here’s How”
3:44 am April 19, 2024

Getting in a position for synthetic common intelligence with examples

Featured image for “Getting in a position for synthetic common intelligence with examples”
12:15 am April 19, 2024

Injective and Jambo companion to deliver mobile-based DeFi to tens of millions in rising markets

Featured image for “Injective and Jambo companion to deliver mobile-based DeFi to tens of millions in rising markets”
7:29 pm April 18, 2024

Successful Beta Service release of SOMESING, ‘My Hand-Carry Studio Karaoke App’

Featured image for “Successful Beta Service release of SOMESING, ‘My Hand-Carry Studio Karaoke App’”
4:05 pm April 18, 2024

Release date showed for brand spanking new augmented fact move-to-earn recreation, SpaceCatch

Featured image for “Release date showed for brand spanking new augmented fact move-to-earn recreation, SpaceCatch”
9:51 am April 18, 2024

NEAR Protocol positive aspects as KangaMoon approaches presale shut

Featured image for “NEAR Protocol positive aspects as KangaMoon approaches presale shut”
7:31 am April 18, 2024

LINK Price Eyes Recovery If It’s Able to Hold One Crucial Level

Featured image for “LINK Price Eyes Recovery If It’s Able to Hold One Crucial Level”
4:25 am April 18, 2024

Understanding glue data and Dedicated DNS

Featured image for “Understanding glue data and Dedicated DNS”
2:39 am April 18, 2024

Worldcoin to release a brand new Ethereum L2 community dubbed “World Chain”

Featured image for “Worldcoin to release a brand new Ethereum L2 community dubbed “World Chain””
7:34 pm April 17, 2024

Crypto Exchanges Bitcoin Supply Can Only Last For 9 Months, ByBit Report

Featured image for “Crypto Exchanges Bitcoin Supply Can Only Last For 9 Months, ByBit Report”
7:27 pm April 17, 2024

SUI spikes 11% as BTC, ETH slide: Here’s why Sui value is surging?

Featured image for “SUI spikes 11% as BTC, ETH slide: Here’s why Sui value is surging?”
4:46 pm April 17, 2024

Using dig +hint to know DNS solution from begin to end

Featured image for “Using dig +hint to know DNS solution from begin to end”
12:15 pm April 17, 2024

Puffer Finance raises $18 million in new investment spherical

Featured image for “Puffer Finance raises $18 million in new investment spherical”
7:37 am April 17, 2024

XRP Price Recovery Could Soon Fade, These Are Key Levels To Watch

Featured image for “XRP Price Recovery Could Soon Fade, These Are Key Levels To Watch”
5:06 am April 17, 2024

IBM and TechD companion to safely percentage knowledge and gear insights with gen AI

Featured image for “IBM and TechD companion to safely percentage knowledge and gear insights with gen AI”
5:03 am April 17, 2024

WOO unveils innovation hub thinking about Bitcoin’s ecosystem

Featured image for “WOO unveils innovation hub thinking about Bitcoin’s ecosystem”
9:51 pm April 16, 2024

OKX launches public mainnet for its ZK-powered L2 community “X Layer”

Featured image for “OKX launches public mainnet for its ZK-powered L2 community “X Layer””
7:40 pm April 16, 2024

Arkham Releases Top 5 Crypto Rich List

Featured image for “Arkham Releases Top 5 Crypto Rich List”
5:27 pm April 16, 2024

Ankr and Brevis coChain associate to reinforce web3 networks with ZK

Featured image for “Ankr and Brevis coChain associate to reinforce web3 networks with ZK”
5:48 am April 16, 2024

4 techniques generative Machine Intelligence addresses production demanding situations

Featured image for “4 techniques generative Machine Intelligence addresses production demanding situations”