How to Monetize Your Data

These days, most companies are awash in data. But figuring out how to derive a profit from the data deluge can help distinguish your company in the marketplace.

Barbara H. Wixom and Jeanne W. Ross

SPRING 2017

The possession of rich amounts of data is hardly unique in today’s world. Indeed, data itself is increasingly a commodity. 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 ...