Developing a standard method for data monetization
Determining the value of data
In spite of the numerous application areas, only a limited number of companies have started selling internal data to external parties. Apart from the challenges of identifying and executing these types of initiatives, there is one question that few can answer: What is my data worth and how much is my trading partner willing to pay for it?
A major Belgian retailer approached Möbius to provide him with greater insights and to develop a standard method for determining the value of its data products.
Increasing awareness regarding data monetization
The project started by increasing awareness regarding data monetization (the term used to describe a variety of approaches to turn data into money) and by developing a joint vision.
Once the rules of the game were established, we organized surveys and brainstorming sessions in order to gain an overview of potential use cases for trade in information.
Möbius developed a tested model for determining the value of a data product.
The process comprises three steps:
- An internal chatbot is available to employees within the organization for the initial development and assessment of ideas. The results are then screened and prioritized by a central team.
- Once the use case is established, various workshops are organized by the central team for applying the generic model. After a few sessions, a concrete idea is obtained of the value of the data product and profitability of the use case.
- If profitable, decisions are made regarding the terms and conditions, the data product is implemented and negotiations can begin.
The customer currently has greater insight into the potential of data monetization and a concrete model for developing a business case and determining the value of the data product relatively quickly.