Big data: Are businesses making significant use of data monetization strategies?
Only 20% of respondents indicated they were making significant use of data monetization strategies, though 65% acknowledged some limited use.
Our 2020 European Technology Index reveals:
AI creates more opportunity for affordable data monetization
Until recently, most data monetization strategies have relied on more traditional analytical techniques, and struggled to deal effectively with unstructured data. But easier access to significant computing resources via cloud platforms, and the commoditization of some AI/machine learning-powered analysis engines, creates more affordable opportunities to extract both value and return on investment.
Monetization is likely to be focused on cost saving and efficiency
Respondents cited IT and customer services as by far the most ripe to benefit from data monetization. This suggests respondents see data monetization as particularly applicable to service-desk/ticket-driven processes, which tend to be at the heart of both business functions.
Challenges still face businesses adopting data monetization practices
Investment cost to adopt data monetization (39%) was the challenge cited by most respondents, with issues of data quality (35%) and legal compliance (33%) completing the top three. Respondents were relatively conservative when assessing the likely revenue increase that data monetization might yield.
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