HOW TO MONETIZE YOUR DATA

Presented at Recotech 2020 https://recotech.fi/program2020/

Transcript

1. HOW TO MONETIZE YOUR DATA JARKKO MOILANEN, Chief Operations Officer Platform of Trust API Economist (2014-2018) PhD in Information Science, 2017 PhD in Economics in progress: Data Productizement Process and Tools
2. PLATFORMOFTRUST.NET | @PLATFORMOFTRUST | #DATALIIKKUU | #DATAFLOWS @Jarkko_Moilanen Value of the European Data Economy Value of the European Data Market The marketplace where digital data is exchanged as “products” or “services” as a result of the elaboration of raw data. The Data Economy measures the overall impacts of the data market on the economy as a whole. 2025 €1,054 billion 2025 €142 billion https://ec.europa.eu/digital-single-market/en/news/building- data-economy-brochure Emerging public data economy Data as a commodity Data as a Product
3. PLATFORMOFTRUST.NET | @PLATFORMOFTRUST | #DATALIIKKUU | #DATAFLOWS @Jarkko_Moilanen Data Monetization refers to the process of using data to obtain a quantifiable economic benefit
4. PLATFORMOFTRUST.NET | @PLATFORMOFTRUST | #DATALIIKKUU | #DATAFLOWS Data Economy requires Productized data (products) and access (APIs) @Jarkko_Moilanen The added value is in the data which is packaged into easy to understand, buy and consume data products. Consumers are not buying APIs. APIs provide modern access to discover, purchase and consume given data products. It’s all about ecosystem driven trusted data value chains
5. PLATFORMOFTRUST.NET | @PLATFORMOFTRUST | #DATALIIKKUU | #DATAFLOWS Data Product @Jarkko_Moilanen Pricing options Subscribe Unit based Data Stream options Current values History Prediction Trust 10 quality attributes Product information Versioning dataproduct.oftrust.net Machine-readable standard specification of data product schema. Version 0.1 published 10/2020 Name Lifecycle status Conditions Singular Payload … … … …
6. PLATFORMOFTRUST.NET | @PLATFORMOFTRUST | #DATALIIKKUU | #DATAFLOWS @Jarkko_Moilanen Jarkko Moilanen 2020 DATA PRODUCT TYPES AND SOME DIFFERENCES
7. PLATFORMOFTRUST.NET | @PLATFORMOFTRUST | #DATALIIKKUU | #DATAFLOWS Empowering the sales • Identify customer problems • Better product presentations • Improve customer service and • Use more tailored sales argumentation Product development purposes • Finding flaws • A/B testing • Test need for a new feature • Customer behaviour @Jarkko_Moilanen Internal monetization (has been done for years) Identify problems and bottlenecks • Identify bottlenecks • Improve efficiency and profitability • Fine tune based on facts, not feelings Marketing and advertising • Increasing performance and targeting • End of mass marketing • Personal marketing • Targeted ads
8. PLATFORMOFTRUST.NET | @PLATFORMOFTRUST | #DATALIIKKUU | #DATAFLOWS @Jarkko_Moilanen TREAT INTERNAL DATA PRODUCTS AS IF THOSE WOULD BECOME PUBLIC LATER Data Product Mandate – Jarkko Moilanen
9. PLATFORMOFTRUST.NET | @PLATFORMOFTRUST | #DATALIIKKUU | #DATAFLOWS Monetize your industry value chain • Sell data to vendors and suppliers • Sell data to retailers, resellers and partners • Offer for free - strategic partners Selling to players outside own industry Selling insights to customers • About their performance • About markets around their products • Aggregate and enrich - then sell • Bundle with other products @Jarkko_Moilanen External monetization Value of the Data Market The marketplace where digital data is exchanged as “products” or “services” as a result of the elaboration of raw data. 2025 €142 billion Emerging public data economy Data as a commodity Data as a Product
10. PLATFORMOFTRUST.NET | @PLATFORMOFTRUST | #DATALIIKKUU | #DATAFLOWS @Jarkko_Moilanen DATA PRODUCT EXAMPLES DATA PRODUCT Real-time Location of health care devices in hospital VALUE PROPOSITION Save lives, higher utilization rate, better customer experience DATA PRODUCT Prediction information - amount of people in given rooms in a group of buildings VALUE PROPOSITION Reduce CO2 footprint and heating & ventilation costs in buildings 1 2
11. PLATFORMOFTRUST.NET | @PLATFORMOFTRUST | #DATALIIKKUU | #DATAFLOWS Dataproductbusiness.com
12. PLATFORMOFTRUST.NET @PLATFORMOFTRUST #DATALIIKKUU #DATAFLOWS Jarkko Moilanen, Chief Operations Officer @jarkko_moilanen MAKE YOUR DATA WORK FOR YOU THANK YOU!