Data Monetization Requirements

Monetizing data requires several key components.

Here’s a list of components needed to monetize your startups data:

Ability to acquire the data — the more you can source your own data versus relying on others the more valuable your data will be.

Ability to store the data acquired — you’ll need a data platform to hold the data for analysis and processing.

Modeling and testing — you’ll need to model the data captured and analyze it with databases and algorithms for the result sought.  

Customer requirements — you’ll need to know the customer’s requirements in order to build data sets of value to them.

Compliance and regulatory — you’ll need to know the current laws around the use of data based on regulatory requirements.

People who understand data and how to interpret it — you’ll need a team that understands data and how to analyze, interpret, and present the results.

Consider these elements in building out your data analytics program.

 

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