Session 11-B

Maximizing Profits: Chief Data Officers' Data Monetization Strategies

This thought leadership session will give CDOs a clear understanding of different types of data monetization with a focus on direct data monetization (i.e. selling data to third parties). Attendees will learn to understand the market demand, navigate compliance risks, productize and sell the data they already own to increase their bottom line.

Session content

Organizations frequently underestimate the value of internal data. To help attendees assess the revenue potential of their data, we will discuss the types of firms that are buying third-party data and what kind of data those firms are looking for. We will introduce examples from various data categories.

CDOs will then be given insights into the specific benefits and challenges of data monetization.

Benefits include revenue generation, enhanced financial stability, fostering a data-driven decision-making culture and increasing a company’s attractiveness to investors.
Challenges can include reputational risk, data privacy, customer/partner terms and conditions, headline risk, how to structure data, how to price data, data confidentiality, and compliance. The ecosystem can be very opaque which can make common questions such as who are my potential competitors and what is my unique selling point challenging to answer.

CDOs will receive guidance on how they can reap these benefits and overcome these challenges. Specifically, they will gain an understanding of:

The demand for different categories of data
The most appropriate target market
Pricing considerations
Data enrichments that will make a data product more desirable
Go to market options (direct, channel, aggregators etc)
How to market datasets to potential buyers

In conclusion, data monetization represents a substantial opportunity for businesses, but it demands strategic planning, industry awareness, and knowing the potential use cases of one’s data. This session is designed to provide CDOs and other data professionals with a clear pathway on how to monetize the data they already own.

Speaker

MICHAEL HEJTMANEK

Vice President, Corporate Solutions, Neudata

Welcome to the CDOIQ Symposium, where innovation meets data excellence! Our symposium sponsors play a crucial role in shaping the future of data and information quality. As champions of cutting-edge technologies, thought leadership, and industry advancements, these forward-thinking organizations contribute to a dynamic ecosystem dedicated to harnessing the power of data for transformative business outcomes. Join us in recognizing and celebrating the invaluable support of our sponsors, who drive the conversation and inspire breakthroughs in the rapidly evolving landscape of Chief Data and Information Quality. Together, we pave the way for a data-driven future that propels organizations to unprecedented heights of success.