Data is everywhere. From customer activity to sales transactions to inventory to financial records and everything in between. The question is no longer, "Are we tracking this information?" But "are we activating it?" In 2024, data monetization, or extracting value from your data, is now vital to a solid business strategy.
Do you have the intel to spot new opportunities that fix process bottlenecks, cut costs, boost sales, or improve customer experiences? Could you sell your data to third parties for additional revenue?
With such fierce competition across all industries, everyone is looking for that edge — the one that enables enterprise success and recognition as a top player in their respective vertical.
Luckily, advantages could be right in front of you, depending on how you use your data. Here are the top five trends driving successful data monetization in 2024:
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Increased Data Monetization Partnerships:
2024 will see plenty of "spreading the wealth" for data. While the information collected might not benefit you directly, it could be of value to another organization or even an entire industry. So far as to be willing to pay for it.
We often, for example, see threat intelligence sharing in the cybersecurity world to improve detection mechanisms and security controls. Similarly, healthcare providers share patient information with pharmaceutical companies for treatment research, while insurance companies provide third-party manufacturers with claims information to help reduce product risks.
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More Personalized, Democratized BI Experiences:
Traditionally, business intelligence (BI) was an exclusive club managed by data scientists using their own specialty tools. Now and into 2024, everyone has a role in finding data insights that improve the business's bottom line.
Companies, including Wyn Enterprise, have shifted focus on democratizing data through key features:
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Embedded BI tools that analyze data within any custom application
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Self-service reporting that lets any user create ad-hoc reports and interactive dashboards
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Multitenancy analytics that natively works within your favorite SaaS products
The result of this shift: A more personalized employee experience enables anyone to activate and monetize company data.
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Adoption Boost of AI-Driven Insights:
This is the apparent trend you're seeing all over LinkedIn and news sites. Among many use cases, artificial intelligence (AI) has a huge role in data analytics. It can pull insights from large data sets — helping you make predictions, spot patterns, and find opportunities faster than a human analyst.
Taking a step further, natural language processing (NPL) technology has significantly advanced over the last few years — expanding AI use cases into more than just analyzing records found in a data system. NPL can convert human language, such as customer reviews or emails, into useful predictions or trends and let you expand BI through sources you never imagined.
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Stricter Data Governance:
Because of the industry pressures to adopt AI tools for analytics, data governance will take more priority in 2024. No matter how advanced your BI tools are, insights are obsolete if your data records are incomplete, outdated, duplicated, or just wrong.
Many companies have a long journey to data maturity before successfully incorporating AI into their business strategy. Much of this begins with governance policies that maintain clean, accurate, and up-to-date records by establishing guidelines on data ownership, security, classification rules, quality standards, usage policies, and other vital areas.
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A Continuing Focus on Ethical Data Practices:
You can't talk about data without bringing up compliance and ethics. New regulations spring up each year on baseline cybersecurity requirements, rules on using or selling personal data, and customer communication requirements — all impacting how you activate or monetize data.
In 2024, we've already seen Google and Yahoo set authentication rules for email communications starting 2/1. Additionally, four U.S. states will begin enforcing customer privacy laws in 2024, including California (CCPA), Texas (TDPSA), Oregon (OCPA), and Montana (MTCDPA).
Data is most often considered an asset. But it quickly becomes a liability if you're restricted in its use or fail to comply with regulations — resulting in hefty fines. Ultimately, focusing on more ethical data practices will require new investments into security and compliance management, adopting privacy-enhancing technologies (PETs), and rethinking current monetization strategies.
Wyn Enterprise: BI Tools to Support Your Data Monetization Strategy
Wyn Enterprise empowers all your employees to have a role in monetizing your data through self-service BI tools that produce critical insights needed to hit business goals. Request your product demo or sign up for a free trial today to see how our BI platform offers a scalable, personalized experience across your enterprise.
Dan Columbus
Dan is the Director of Enterprise Sales focusing on BI and data-analytics products. Dan holds a BS in engineering from Penn State and has used it for a career in technical selling and management. He is always seeking the “win-win” deal and enjoys working with clients to help them achieve their goals.
When he isn't working with data clients, he spends time with his family and enjoys traveling to new places with them. Dan also enjoys art, architecture, and loves to compete in poker tournaments.
You can connect with Dan on LinkedIn.
