How to Monetize Your Data
Abstract
The possession of rich amounts of data is hardly unique in today’s world. But the ability to monetize data effectively—and not simply hoard it—can be a source of competitive advantage in the digital economy.
Companies can take three approaches to monetizing their data: (1) improving internal business processes and decisions, (2) wrapping information around core products and services, and (3) selling information offerings to new and existing markets. These approaches differ significantly in the types of capabilities and commitments they require, but each represents an important opportunity for a company to distinguish itself in the marketplace.
About the Authors
Barbara H. Wixom, Principal Research Scientist, MIT Sloan Center for Information Systems Research (CISR)
Jeanne W. Ross, Principal Research Scientist, MIT Sloan Center for Information Systems Research (CISR)
MIT CENTER FOR INFORMATION SYSTEMS RESEARCH (CISR)
Founded in 1974 and grounded in the MIT tradition of rigorous field-based research, MIT CISR helps executives meet the challenge of leading dynamic, global, and information-intensive organizations. Through research, teaching, and events, the center stimulates interaction among scholars, students, and practitioners. More than seventy-five firms sponsor our work and participate in our consortium.