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In today's digital landscape, data holds the promise of untapped wealth akin to the historic gold rush. Just as 19th-century prospectors once sought gold in California, businesses are now on a quest to uncover the hidden potential and wealth within their own data.
According to Fortune Business Insights, the global data monetization market is expected to reach $9.1 billion by 2030, which is fueled by the adoption of cloud computing and big data analysis powering the Internet of Things (IoT), artificial intelligence (AI) and machine learning (ML). However, this surge in data-driven endeavors is not without its challenges in both execution and regulatory compliance. Organizations increasingly recognize the importance of compliance with stringent data privacy regulations like General Data Protection Regulation (GDPR) and California Consumer Privacy Act (CCPA). Irrespective of the operational challenges companies will face to comply with these important data regulations, a data and analytic gold rush is still in full force, especially amid the current AI renaissance.
Successful companies are undergoing a shift in mindset from data as a tool to data as a primary strategic asset for internal optimization and external revenue generation. These organizations exhibit key characteristics such as:
- Data-Driven Decision Making: Prioritizing data over intuition in strategic decisions.
- Quality Data Management: Implementing stringent practices for data accuracy and reliability.
- Cultural Adaptability: Cultivating a culture that embraces continuous learning and improvement based on data insights.
- Innovative Revenue Models: Exploring new business models and markets through data monetization.
- Strategic Data Utilization: Using data not only for operational efficiency but also as a key asset in strategic planning and execution.
In the following article, A&MPLIFY experts offer a structured roadmap to implement a monetization model that will help leaders grasp the potential of their data, convert it into tangible new revenue streams and navigate a path to sustainable growth and innovation.
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Originally Published 23 January 2024
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
