Data monetization is the process of extracting commercial value from your internal data assets. The process entails data transformation, parsing, creating data products, developing a pricing strategy, delivering the data products across channels, and finally receiving payment upon data fulfilment. For more, see our guide to building the optimum data monetization strategy.
External data monetization is a emerging, yet provably successful business model. As more data-as-a-service companies are appearing, monetizing data is becoming increasingly mainstream. In particular, we’re seeing external data monetization take off amongst innovative companies who are selling valuable internal data to add a new revenue stream to their business.