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Data Monetization Definition

Data monetization is an act or a form of monetization which generates measurable economic benefits from available information sources. The corporate market value benefits or the market share consists of these benefits which typically accrue as expense or revenue savings.

Data monetization leverages information generated throughout the business operations, accessible exogenous information or substance, as well as information allied with individual actors such as that composed via electronic devices and sensors participating in the internet of things. Generating location information and other data from mobile devices and sensors at an ever increasing rate, which is the ubiquity of the internet of things. The emerging data as a service models for transactions involving information by the information item is closely associated with information monetization.

There are three regulatory and ethical vectors involved in data monetization due to the sometimes contradictory benefits of actors concerned with the data supply chain. The individual data inventor who owns a device such as a sensor or who generates files and records through his own efforts or a mobile phone that generates data has a claim to ownership of data.

The business entity that generates information in the course of its operations, such as its transactions with financial institutions or risk factors discovered through feedback from customers also has a claim on data captured through their systems and platforms. However, the person that contributed the data may also have a legitimate claim on the data. Financial service companies are a comparatively fine example of an industry focused on generating revenue by leveraging data.

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