How to Monetize your Data at Scale
Guest post from Zohar Hod, CEO of One Creation
Throughout my long career, I have always been able to hone in on the one thing I knew I could do well, maybe better than others (so humble ), and that is turn data into money. Although admirable, my experience working for large and small data vendors helped me achieve and fine tune this skill. Data vendors rely on their clients’ data contributions and constituents, after which they make deals and exchange money. It is a basic notion centered around two key points - a contract and trust between parties that they will uphold the terms of the agreement.
The ability to share data peer-peer (P2P) has always been the holy grail of business. This ability could provide amazing efficiencies in terms of cost and quality of data sets, as well as new data sets and business insights that overlap across sector ecosystems. Data vendors might be afraid of this changing paradigm, but there is nothing to fear, only opportunity. New technologies are creating numerous opportunities to enable better data ecosystems. When combined with major data vendors’ trusted distribution environments, we will have platforms that can take data-driven business models to the next level.
It’s no secret that new technologies offer a mechanism to share and sell data both P2P and at scale. Let’s face it, data is “the new Oil or Gold or….” and there is so much of it. Companies are sitting on petabytes of business insights that are worth a fortune. So why aren’t companies monetizing data for their organizations?
The main reason is that most companies don’t know where to start. Even more problematic is the primary issue around sharing data at scale and its security. Without the ability to control your data, the process of monetization cannot begin. What does data control mean?
For us at One Creation, data control is about
1) Data Mobility - The ability to move your data from one vendor or client to another with ease. Similar to moving your phone number from one mobile provider to another, this has massive implications that are beneficial both to individuals and enterprises.
2) Usage Control - The ability to track and protect your data even after it has reached your clients. Could establishing a succession of trust through the data supply chain be done? Yes, using a unique combination of access control tools and new automated bot infrastructure, data lineage can be achieved.
3) Data Leakage - Data vendors spend millions of dollars yearly to audit your usage of their data, even if you’re contributing data to the same vendor. It’s an uncomfortable part of the relationship and costs the vendors and the owners of the data billions in annual losses. Most data leakage is not malicious and is usually just part of a legacy workflow of distributing data that was not intended for that type of use. Hence, if we could control all the honest actors, data owners would benefit tremendously.
4) Data Abuse – This is the last pillar of how we define data control. One does not need to go far to see the daily abuse we are subjected to when it comes to sensitive data. Google abuses our data even when using their Incognito mode, and other platforms that sell our data with or without our explicit consent are just some ways our data is abused. In fact, (a slightly self-promotional moment), we created and named our company One Creation because we are committed to the motto that there can only be one original creator for your data and that is you!
Let’s continue the discussion
Are you ready to start monetizing your business insights and creating new and exciting revenue streams while maintaining full control of your data? We can help!
Join One Creation and Digital Asset on September 22nd at 10 AM ET for a live panel discussion about controlling, tracking and monetizing data. In this session, we will outline what you need to know about data control and what’s necessary for companies to achieve data monetization at scale.
Not available on September 22nd? Get in touch for a one-on-one discussion and demo.