Everyone plans to make money from the data available with them no reason why it should not happen. You are aware that the data that you have is precious in one way or the other. If it was not valuable, you will not want to invest on analysis and getting the same. But is it possible to earn money out of it?Such a dream can be disappointing to you if you allow your vision to wander too far.
On one side of it, thinking that you can make cash out of the data amounts to treating it as a common currency. Actually some people are interested in stating that the data can be treated as the latest currencies of the business world. So this logic seems to point out that making money out of database is equal to minting coins using the raw materials available in the database with you.
This seems to be a grand plan but it is not clear if these people are talking practically or theoretically. I will be discussing about it in the literal sense. If something has to be considered as a currency commonly used, it should have a greater purchasing power to get a variety of services and goods. installCore But if the data like any other resource could be exchanged for getting other things, then it cannot be considered as currency. As a result, if this definition is followed, you cannot consider data as a currency. Actually I have not seen any service or goods that have the price tag in data bits.
There is yet another meaning to which is that data will rule any business activity that can generate the actual cash. When one goes by this definition, each aspect of production such as labor, land, business etc., can generate money.
Hence pointing out that data which is another aspect of business can get cash is a very simple point which is only assumed. When discussing about monetization, it will be wise to find answers for the following questions: Can the data available for the business be sold in any form such as raw or refined?Can the data used in the business help in generating cash flow?If business activities controlled by data improve the market rating of the business fully?
I got these thoughts even as I went through an article about monetization using data. To the maximum possible extent, I can say that the article talks about the third aspect among the three points on data monetization if the term can be casually mentioned.
how to install platform Hence it boils down to an approach which can be derived as a data science as it mainly concentrates on how such data science approach and not the data alone can improve the rating of a business. It does not talk about finding out the data which can be sold or about which business initiatives that are data driven which could help in cash flow.
The traditional usage of data science such as marketing, upsell, and best offer may appear to impact the cash flow when this is approached. When you analyze it deeply, you will notice that such data which controls these activities is monetizable only indirectly. It is on very rare occasions that such data is directly encashed.
Only a handful of business houses get a chance to encash their operational data. There is a clear-cut reason for this: it is a vital asset which is usually safeguarded by security and privacy regulations. Unless you have got the plan to enter the business of data marketplace or only data which is not affected by the privacy regulations, you will not venture to monetize or sell off the data which you have gathered.