27 Sep Selling Data to Increase Your Data IQ
have to admit, when I think datamarts, I think about buying data and when I think data monetization, I think of data as a means to monetize an IoT product or service. But what about being a seller? That is, monetizing data by selling it directly on the open market? In this episode of the IoT Business Show, I speak with Didier Navez about the mechanics of being a buyer and a seller of data.
In this episode of the IoT Business Show, I speak with Didier Navez about the mechanics of being a buyer and a seller of data.
Didier is Vice President of Strategy and Alliances at Dawex, where he is responsible for developing the data ecosystem around its marketplace platform and to build alliances with key partners. He has held executive roles in several international consultancies as well as with Gartner and Forrester.
There are a lot of reasons for not selling your data. The upside of extra revenue just doesn’t seem to balance the downside: losing competitive advantage, the effort it takes to prep and transact, the opportunity cost of diverting attention from your main business and so on. But if the concept of a datamart is going to flourish there has to be sellers as well as buyers. I can understand non-profits and governments making their data available, but I have a lot harder time getting my head around why for-profits would bother. At this point the only reason I can see, and it’s a big one, is it increases the data IQ of your organization. To sell data means putting in place the proper frameworks for planning, organizing, cleaning, securing and regulating data. From my experience, this data discipline is very much needed, and so if the end result is getting your data house in order, perhaps it’s worth looking into this additive revenue stream.
Here’s What We’ll Cover in this Episode
- The data used to fuel digital transformation
- The meaning of, “systems of insight.”
- Different sources of external data
- Different types of data brokers and their business models
- Why hedge funds have been buying data for years.
- Motivations to sell data
- Big corporations “selling” data to themselves
- The different frictions to avoid when buying data
- A business model of datamarts
Mentioned in this Episode and Other Useful Links
Support this Podcast
If you have been enjoying this podcast, there are a few ways you can support it: