When asked about the importance of monetization of data, a typical answer is: exchange, i.e. buying and selling data for cash.
Data has long since become a high-quality, independent economic asset whose use offers much greater performance potential, namely for cost reductions, increasing productivity, minimizing risk, developing new products or markets and not least for establishing and maintaining business relationships based on partnership or developing new business models.
But what conditions must be met in order to fully exploit the possibilities of data monetization? Explained in short steps, this includes activating the wealth of knowledge of your own company data, which is often dormant in data silos. The data can then be used in closed user groups or on a data market place in order to establish new business relationships.
However, the implementation of data monetization is not a matter of course. This requires a sophisticated data infrastructure that must be built up step by step. A first step is the activation of your own company knowledge available in data, in order to be able to build up an internal data marketplace, for example. Access rights can be controlled by closed user groups. In a second step, this marketplace can also be opened for external participants to enable data exchange or the development of new business models. At the same time, data protection, data security and governance must be guaranteed.
Advaneo data marketplace offers a solution to these complex requirements already in the first mvp version, based on the reference architecture of the International Data Space Association (IDS) with the guarantee of the necessary data security and governance on the basis of a distributed system. It also provides access to over 1 million open data that are expanded daily. Structured and clearly arranged in fifteen categories, thus a cornucopia of helpful data sets, without long searches and high expenditure of time.
