The phrase “data is the new oil” is often used because like oil, data is extremely valuable, but only if it is properly refined.
For example, an organization can own plenty of data, but if business users can’t tap into it, or if they don’t have analytics tools, that data becomes a lot less useful.
While some enterprises are still struggling with data access and analytics, others have mastered their data management to the point that they can monetize their data and sell it to other organizations, creating new economic benefit for their business.
Data monetization may sound like an ethically sensitive endeavor, but with the right strategy and data privacy safeguards in place, it doesn’t have to be.
Having a strong data governance program, a modern data platform, and a data-driven culture are just a few capabilities and practices an organization should have in place before exploring data monetization.
Listen to this podcast episode to learn why your organization should explore data monetization and how to start building a solid foundation that enables you to smoothly navigate the rewarding journey to data monetization.
Interested in learning more about adopting data monetization, data governance or building a modern data platform? Contact us.
Listen to the podcast recording above or subscribe via Spotify, Apple Podcasts, Google Podcasts, iHeartRadio, Stitcher, Amazon Music, and TuneIn.
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Sirius and Microsoft are partnering to help organizations do more with their data by ensuring it is accessible, accurate, and able to be analyzed using data visualization tools that provide the insights your business needs. We can help you create a data-driven culture that enables everyone to make confident decisions using analytics. Contact us to get started.