Data is the biggest asset in today’s time. Data monetization was a $1.26 billion-dollar industry in 2017, and it is expected to rise to $32 billion by 2023. That is more than 15x growth in 5 years. We are already at the mid of the 5-year term and what matters the most than ever before is what are you doing with your data? If by any chance you are not monetizing your data, which means to capitalize on an asset, then you are wasting it.
We have all heard the saying, “If I had a dollar for every time we meet, I would be a very rich person.” Well, this saying is truer today than ever. “If I had a dollar (or more) for every unique visitor I had come browse or sign into my website, I would be a very rich person”! This is near reality with data monetization.
Data monetization can work in different ways:
- Creating your own in-house data monetization program
- Partnering with a neutral data monetization firm that will license your data
So, how are these two methods different?
Creating your own-in house data monetization program can be a possibility for some companies. In reality, this could be a great challenge for some companies. Mainly because of the requirements to have the technical know-how and the team size to pull out a sustainable working module. Depending on the team size, the experts involved, project managers or code writers, etc., it could take a good amount of time to pull out a product to accommodate all of the data transfer. Not to mention, the management of contracts and licenses for the transfer of data, which are a must-have for the privacy of the consumers. Create your own in-house data monetization program is definitely a possibility but not an easy undertaking.
There is another way to go about starting a data monetization program for your company, in this case, you can partner with a 3rd party data monetization firm. There are plenty of firms with different features. A very few have a powerful backend infrastructure. The dev-ops teams are pretty strong and experienced in building these types of power grids that are necessary for transmitting billions of pieces of data monthly.
Getting these firms on-board is a call away, they come with ease of integration of code and are ready to use. What matters the most in this approach, is the integrity of the company that you will be involved with. Because the stakes involved are high, you should prefer to have a thorough research of the payment structure and the ethical use of data.
When it comes down to it, data monetization is a form of business that doesn’t take much time on your part and can pay off very well for a self-sustaining model. Data is here to stay, in one form or another, so creating a data monetization strategy and program in your company, whether big or small is a very necessary means of operations today and in the future.
At Adzapier, we believe in privacy and the right use of data. Integrity always comes first to us. If you are looking forward to optimizing data and maximize revenue, please contact us at firstname.lastname@example.org