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The simplest way to monetising data is to think of data itself as a product

Mike Davie, Founder & CEO of DataStreamx,with contribution from Shauna Li Roolvink, Director of Marketing at DataStreamX. | March 26, 2015
By reviewing and developing a data monetisation plan now, you are taking the first bold step towards the Real Time Data Economy.

 

  • Data is extractable: Data in its original could be meshed and blended with other data sources to provide unique competitive advantage. For example: 

 

  1. An airline could blend real time weather forecast data with customer profile data to launch holiday promotion package prior to a severe haze period to those families with young children or the elderly 

 

  1. Real time ship positioning data could be blended with a port's equipment operation data to minimize downtime of the equipment and increase overall efficiency of the port.

Monetising your data does not have to a painful and expensive undertaking if you view data itself as the product. Moving forward, data could become one of your company's most lucrative revenue streams. By reviewing and developing a data monetisation plan now, you are taking the first bold step towards the Real Time Data Economy.  

 

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