One approach that we have found to be successful is treating data monetization in the same manner as any research and development effort, with clear stage gates from conceptual idea to minimum viable product to a fully finished new product or line of business. environment to be constructed around the data monetization strategy, with an eye to the various markets and channels in which future products and services might be offered. This approach also allows a set of guiding principles to be turkey rcs data established, which clearly delineate certain areas of data monetization to be viewed as off limits, based on either current or future laws or the potential reputational risk that come from these efforts.
Understand the non-regulatory aspect of public perception, reputational risk, and general risk that can result from data monetization gone wrong: Along with the actual regulations, the risk associated with perception should not be overlooked. While various regulatory schemes may permit some data monetization approaches, public perception, and reputational risk play by other rules. Although it’s a bit of a trope, it is worth asking whether a certain product or service could be explained to a TV news crew from your front lawn.
In reality, some data-based services may be highly valued and appreciated by customers and the general public. Perhaps data monetization is driving new life-saving drugs or surgical techniques that come from monetizing aggregate patient data.