Data Monetization

How does data relate to money? Well, data could worth a lot. Revenue could be generated from available data sources by analysis, discovery, and use of that data. It is a process called monetization. Data monetization is the act of turning corporate data into currency. The currency can be money, or a bartering device or a product or service enhancement. Data monetization has been a trend like big data and the Internet of things. Corporate continue to recognize the value of data, and as the world continues to be instrumented with sensors and real time analytics, data will continue to be a booming business. This data could lead to great potential for data mining to achieve business objectives. Along with its potential, data monetization introduces challenges businesses won't be able to ignore. Businesses will need to comply with legal and regulatory constraints when selling or bartering with data. They'll also have to consider the tricky area of data privacy, which can attract or deter customers, depending on the company policy.