Data as a Service Business Model

Data as a service provides data both internally and externally to improve the functioning of the business.

Here are some key points to consider in setting up a data-as-a-service function for your company:

Look for gaps in your data and find new data to fill the critical holes.

Consider setting up external data storage as the volume of data can overwhelm your internal servers.

After building data for an internal application, consider monetizing it by selling it to external entities.

Focus business applications on increasing revenue.

Look for ways to predict future outcomes not past results.

Look for existing revenue streams to see how to enhance the revenue.

Consider the regulatory issues around personalized data.

Mind the optics of public perception on collecting and using data.

Data as a service applications maintain Saas-like valuations and margins so it’s highly profitable.

Everything is moving online and will be digitized.

Look for that which has not yet moved online to focus your search for a new business application.

 

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Let’s go startup something today.

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Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.