One trend in data that has taken hold is monetisation. Monetising data refers to how companies can utilise their domain expertise to turn the data they own or have access to into real, tangible business value or new business opportunities. Data monetisation can refer to the act of generating measurable economic benefits from available data sources by way of analytics, or, less commonly, it may refer to the act of monetising data services. In the case of data analytics, typically these benefits appear as revenue or cost savings, but they may also include market share or corporate market value gains.
One could argue that data monetisation for increased company revenue or cost savings is simply the result of being a data-driven organisation. Though that argument isn’t totally wrong, company leaders are taking an increasing interest in the market to explore how data monetisation can drive the innovation of entirely new business models in various different business segments.
One good example of how this process can work is when telecom operators sell data on the positions of rapidly forming clusters of users (picture the conclusion of a sporting event or a concert by the latest YouTube sensation) to taxi companies. This allows taxi cars to be available proactively in the right area when a taxi will most likely be needed. This is a completely new type of business model and customer base for a traditional telecom operator, opening up new types of business and revenues based on available data.