In 2015, businesses alone created 2.4 zetabytes – that’s 2.4 trillion gigabytes of data, and this number is set to quadruple by 2020.
As data has exploded, so too has the appetite for industry data. Players who have been well positioned to accumulate this data are starting to unlock its potential. At the same time, technology and talent have reached a tipping point: the infrastructure and skills required to host data have become accessible and economical.
Distributors are well positioned to take advantage of this opportunity. In this paper we discuss three things you need to do to start monetizing your data:
- Take stock: identify who will find value in your data and how
- Plan your monetization approach: develop the right business model to match your customer needs
- Pilot and fail-fast: iterate quickly to develop the model