Based on the structure and characteristics of your data product that you have determined in part 2, you will now be able to assess the cost to make your data available for sale. This cost serves as a price floor and gives you a starting point for pricing your data product.
After you have identified data assets to be commercialized in part 1, you can begin structuring your data product. This involves processing your data in order to comply with international privacy laws and information security policies of your organization.
As you begin to explore data monetization for your organization, you may have asked yourself these questions:
Big Data is not the latest jargon that has crept into executive meetings, it’s becoming an essential business practice used by most organisations today. Over the years, businesses have become aware of the insights that they can gain from data analytics and are collecting increasing amounts of data. Yet, many businesses do not have a proper data strategy in place and are simply collecting data in a frenzy. There is a difference between Big Data and having lots of data. Collecting data just for the sake of it in hopes of using it in the future is not only bad business practice, it leads to potentially costly problems for your company.
Whether you want to buy data or sell data one of the biggest pain points in transacting data between companies is to get the two legal departments to agree on the terms of use. Together with our legal firm Olswang we have created two standard End-User License Agreements for vendors to select from to make it easier and quicker to listing in our data marketplace. We do have the third option for organizations who already have their EULA's ready - they can upload to our platform and use that as the binding agreement between themselves and the buyer.
