Unleashing Power of Data

Unleashing Power of Data | 65 [ HOLY GRAIL OF DATA MONETIZATION ] HOW DOES AN ORGANIZATION CAPACITATE FOR HUGE AMOUNT OF DATA? Companies go through journey of re-writingwhole infrastructure tomake sure that their data is well governed or create segments to monetize data. Hence, organizations need to create a plan from data acquisition to data discovery to data governance to data monetization layer. There is a concept of data mesh which is a combination of small data warehouses anddata lake in central with appropriate layer of governance which can be used to create insights. One must constantly create features in data science, as companies do not sell raw data anymore. Companies should plan data monetization on demand so that capex is in the desired range. Organizations sitting with big data is coming with own Generative AI models, which explores a new realm of opportunities on data monetization. IMPACT OF “THE DIGITAL PERSONAL DATA PROTECTION ACT 2023” ON DATA MONETIZATION Digital Personal Data Protection Act will require too much consent from the customers. The act is good for organizations which are compliant as it is easier on account of huge data pilferage. The cost of maintaining data will increase, as companies will need to have data privacy officers. Every data leak must be reported. In the longer term, it is good for the customers and organizations. Pillars of data governance such as data quality, data catalogue, data access and data purging will become more serious and gain higher significance. Companies must adhere to data sensitivity, to know which data to have, what data to purge and what data can be deleted. Dun & Bradstreet