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A new McKinsey Global Survey found that while companies are more data-focused than ever before, they are not maximizing the potential of their data assets. This is not atypical, as most businesses do not even realize the value of their owned data. We at Deviation Standard, are helping change that.
In the last few years, many businesses have been looking for new ways to grow, and do not understand the potential of monetizing their data. Usually the first question we receive when talking to companies interested is “how much is my data worth?”, a perfectly valid request. Similarly to a homeowner wanting to know the value of their property, many factors go into pricing a data asset. In fact, there are multiple methods for coming to a price on data, but ultimately it trickles back to supply and demand. Working with multiple companies, our team will scour our network to find the highest bidder for your data. Additionally, the value of the data opportunity is multiplied when there are multiple uses for the data. The survey found that most companies across industries only see value of data in sales & marketing divisions, and while this is a primary use case and consumer of data, it is only scratching the surface. From the McKinsey study, sales and marketing teams have changed the most due to data and analytics, and surprisingly, materials and energy companies have benefited the most overall:
As data monetization is one of our core pillars at Deviation Standard, we are aligned with McKinsey’s findings and remarks regarding the type of businesses that succeed and the importance of the practice. Echoing a takeaway from the report, Data monetization is becoming a differentiator in businesses of all shapes and sizes. Additionally, data monetization seems to correlate with industry-leading performance, something that we have also noticed in the companies that we work with. Those that are more forward-thinking and progressive when it comes to their information program have found success legally and intelligently monetizing their data.
However, data monetization does have its limitations, especially within the confines of certain industries. Monetizing users’ financial data, even anonymously, is much riskier than browsing behavior perhaps, and should carry additional scrutiny when doing so. In general, we ensure that for each transaction that our customers engage in, that theirs, as well as the users’ information contained in the data, are completely privatized and protected, removing any and all personally identifiable information (PII) and sensitive personal information (SPI). We also adhere to the IAB’s standards for data sharing and activation, for all media-focused data transactions. When taking this stance, privacy is retained, integrity intact, and success is optimized.
If you are interested in learning more on how your business can take advantage of monetizing your owned information assets, please reach out to us to get started.