Industries are flooded with data and this data can be used to extract a lot of money if only we knew how to use it. With the rapid advancement of technology, we have high-speed networks and improved algorithms for analytics. Various industries including healthcare and financial services are basically resting on terabytes of valuable data and information. Six best methods for monetizing data are as follows:
- Building up trust and neutrality among the customers.
- Anonymization and aggregation of data is required.
- To acquire permission of utilizing the data that is not owned by the company.
- To consider spinning out the data monetization unit.
- Provision of data analytics in real time.
- Furnishing customers with self-service capabilities.
In order to know more about data monetization, please follow the link: http://www.cio.com/article/2941291/big-data/memo-to-cios-cash-in-on-that-data.html