Data Science Strategy For Dummies

Chapter 19

Investing in Data as a Business

IN THIS CHAPTER

Sorting out the concept of data monetization

Explaining how to start treating data as an asset

Elaborating on the data economy

The “data is an asset” idea is not new. However, despite the large number of people who have made the claim, there’s still a huge difference between talking about making data an asset and actually doing it. And, when it comes to pushing the slightly more expanded message “data as a business,” few are willing to take that ambitious step, even though (as I would argue) the possibilities are endless for those who dare to actually go on and do it.

So, yes, there's been a bit of a buzz out there about data for a while, but the interesting question right now is why an increasing amount of attention is being given to data as an asset and why does it seem as if some companies are discovering it for the first time? And, why do many businesses still undervalue data and information — or are unable to leverage it — although analysts, vendors, and others are repeating the message of the importance of data over and over again? This chapter tries to provide the answers to these questions.

Exploring How to Monetize ...