Data monetization is the next frontier in digital transformation. It refers to the act of generating measurable economic benefits from available data sources, including analytics.
Data monetization leverages data generated through business operations or data collected from sensors participating in the internet of things (IoT). For example, when IoT generates location data and other data from sensors and mobile devices, the data is collected for further research or discovery, social good, or business objectives.
Of course, there are ethical issues involved in data monetization due to the conflicting interests of the people involved in digital supply chains. Who owns the data? People? Businesses? Or the government? The practice of data monetization is getting increasing attention from regulators, the European Union, and the United States Congress have begun to address these issues.
However, if the monetization is done well, such as a platform like Parksen, could help connect city citizens and the government well. Using blockchain technology, the data that the government collect from the parking lots could be anonymous, so the government could make impactful real-time decisions without violating the human right.
As Forbes.com says, data monetization presents opportunities for smart business leaders, but it requires a proactive approach to create a competitive advantage. Join us to find out more strategies for data monetization?