Most businesses today collect ginormous amounts of data, including yours. Did you know there might be treasure buried in all that data? Not just for your business, but for other companies?
You can start a data business using that treasure. But it takes planning and strategy to monetize your business data. Here are a few examples to reveal how data becomes a product.
The best one is Dun & Bradstreet, which began collecting data to help banks, investors, and other businesses determine creditworthiness. Other examples include a building materials company that turned an internal tool into a product to sell or a telecom that began digital lending using its data.
Tools for handling data, like AI and access to real-time data via IoT, make data monetization realistic and affordable to implement. Companies can more easily build products to streamline operations for themselves and others.
How do you start monetizing your data? First, you need to produce up-to-date data that is standardized and clean. Do you have customers who could benefit from your data? Do you have a tool you use internally that no one else in your industry uses?
Don’t try competing with established data businesses; look for a niche where your data provides value that no one else does. Your data product needs to deliver quick results.
Selling raw data provides a quick hit, but a proprietary product is more profitable and sustainable. And be ethical in your data use and comply with regulations to avoid legal trouble.
Author: Kris Keppeler, a curious writer who finds technology fascinating. Follow her on X (Twitter) @KrisNarrates, on Medium.com @kriskeppeler, and on LinkedIn.
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