Unleashing Power of Data

64 | Unleashing Power of Data [ HOLY GRAIL OF DATA MONETIZATION ] WHAT IS DATA MONETIZATION It is a decade old concept where data monetization was all about selling data to tele callers and marketing companies. With the new age companies, it is about selling the insights, rather than selling individual data directly. There are four types of services on data monetization. o Data as a service - Uses the cloud to deliver data storage, integration, processing and analytics via network connection. o Insights as a service - Enables companies to outsource specific data collection and analytics projects to professionals to translate insights to something meaningful for an organization. o Analytics as service - Provides access to data analysis software and tools through cloud, rather than having to invest in on-premises software. o Platform as service – Third party provider delivers hardware and software tools to users over the internet. People think data monetization from an external standpoint, however, this isn’t the case right now. The value of data is what data monetization all about. HOW DO YOU USE AGGREGATED DATA FOR MONETIZATION Data plays a central role for building the debt lending infrastructure. One of the means that companies can achieve financial inclusion is through data. Data demystifies any preconceived notion about credit and lending. Enterprise data is easily available publicly, however consumer details, especially of large ticket size is not available for underwriting. Datamonetization is an art and a science. What part of data organization use to drive outcomes, is up to the companies or institution to make right kind of decisions. Data monetization requires balance act to get derive maximum value. Data is a natural resource like any other raw material. Too much data does not result in better outcome, unless it is processed in a rightful manner. Dun & Bradstr et