A data monetization strategy is an executable plan for extracting “value” from data and converting it into revenue-generating opportunities. It involves analyzing and leveraging data to uncover insights that can be used to drive business growth, enhance customer experiences, and create new revenue streams.
Organizations collect large volumes of raw data from various sources such as customer interactions, transactions, social media posts, or IoT devices. This data is then processed and analyzed using advanced analytical techniques like machine learning (ML) or predictive modeling. The insights gained from this analysis are generally used to make informed business decisions or develop innovative products and services. Additionally, organizations can monetize their data by selling it directly to third parties or by creating new data-driven products or services that cater to specific market needs.
