EverEdge are The Data Monetization Specialists™
Data is a core business asset and needs to be treated as such
The starting line of any data monetization journey is a simple realisation: data is the gateway to action.
The value of data comes from its ability to generate insights, which in turn enable management teams to make better decisions and take more effective actions. These actions could be anything: better targeting of customers, improved efficiencies, reduced costs, reduced risk etc. In this sense data is always a means to an end rather than an end in and of itself.
To make money from data, it isn’t enough to just understand ‘how’ to extract data from a technical perspective. You also need build a business case that analyses the potential returns, costs, and risks associated with monetizing your data to determine whether this is a path that it is worthwhile going down.
The key to data monetization is understanding how to develop a business model that produces a commercial outcome that in turn generates value either directly for you – or for a third party that is prepared to pay you for that value.
This is where EverEdge comes in. EverEdge are the Data Monetization Specialists.
Types of Intangible Assets
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Returns from data monetization will be heavily dependent on context, cost, and risk. Therefore, it is critical that you start your journey by building a viable business case, prior to spending money on the technical challenges associated with data extraction. This is basic business common sense.
Think about it: if your company owned a vacant plot of land, no-one in their right mind would decide to develop the land (monetize the asset) without first working out what the potential return was, the costs involved in the development and the risks involved.
Data is no different, yet many American companies fail to implement this basic step and charge off to monetize their data without even understanding basic issues such as what the data is likely to be worth.
EverEdge can help you assess the business use cases for data, including providing an accurate valuation of ROI for each scenario.
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Making Money From Data
How to make money from data
To make money from data, ask yourself:
What insights can be derived from this data?
How can these insights be used by our own organisation or an external party to make decisions and take actions that generate value?
What are the potential returns, costs and risks associated with taking those actions?
This last question is critical because not every data driven action will have a positive outcome, sometimes the monetization of the data simply does not exceed the cost and risk involved. Unfortunately, too many companies get “data heat” and charge into data monetization initiatives without stepping back, taking a breath, and doing a clear-headed analysis of cost, benefits, risks, and most importantly value.
If you are embarking on a data monetization journey, EverEdge can help you develop, analyze and value the business use cases.
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Food Drying Holdings Limited
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