Current Situation
Businesses are forming strategic partnerships and alliances to pool and monetize their data assets collectively, leveraging synergies and expanding the value of their combined data. Advancements in technologies such as blockchain, AI, and cloud computing are facilitating secure and efficient data monetization processes, enabling businesses to unlock the value of their data assets. Different business models are emerging for B2B data monetization, including data licensing, data as a service (DaaS), revenue-sharing agreements, and data marketplaces, providing businesses with various options to monetize their data. Ensuring data quality and governance is crucial in B2B data monetization. Businesses are focusing on data cleansing, standardization, and establishing robust governance frameworks to enhance data reliability and trustworthiness for monetization purposes.
Goals and Objectives
Insurers aim to generate additional revenue streams by monetizing their B2B data assets, tapping into the value of data and expanding their business models beyond traditional insurance offerings. By monetizing B2B data, insurers can gain valuable insights and analytics that enable better risk assessment, underwriting decisions, market trends analysis, and product development, leading to enhanced business performance. Insurers seek to build strategic partnerships with other businesses, leveraging B2B data monetization as a catalyst for collaboration, innovation, and mutual growth, creating a win-win ecosystem for all stakeholders involved.
Technology Deployed
IoT, Cognitive capabilities, Advanced analytics, Cloud, Digital platforms
Use Case Summary
B2B data monetization is facilitated by the emergence of data exchange platforms, enabling businesses to securely share and monetize their data assets with trusted partners. B2B data monetization involves offering value-added services such as data analytics, insights, and custom solutions to businesses, leveraging data assets for mutual benefit and fostering innovation.