Seven Data Marketplace Use-Cases on the Journey Toward True Data Monetization
Corporations across a wide range of industries are starting to act on the realization that the large amount of data they generate from their day-to-day activities may represent a valuable asset that can be monetized. As they move to address the opportunity, innovative organizations are assessing how emerging data marketplace technologies can help them identify, productize and ultimately sell and distribute their valuable data.
Of course, not all companies are the same when it comes to commercial data sales. Many already have data sales organizations in place, while others may not have taken the first step toward monetization. Many more lie somewhere in between, with varying levels of maturity and expertise across the data monetization spectrum of experience. What these organizations are finding, however, is that the flexibility of the marketplace approach means the technology can be deployed at whatever stage in their journey to true data monetization.
The opportunity is real. As the world becomes more ‘data-driven’, corporations are seeking out unique analysis and insight to give them a competitive edge in their chosen sphere of operation. Analytics derived from datasets generated by participants in their industry segments can offer unique insights or new ways of looking at situations. But putting in place a data strategy, sales team and distribution platform can be a daunting prospect for many organizations. Corporations often lack the expertise and resources they need to address the opportunity. Often they don’t realize the value of the data they hold.
Innovators, though, are moving to put in place a viable data sales strategy as well as a sales organization to bring new data sets to market. By adopting new ‘marketplace’ technologies like TickSmith’s Enterprise Data Web Store, these organizations are able to monetize their valuable information and analysis, no matter the level of maturity or sophistication of their data sales processes. Indeed, a review of TickSmith client deployments illustrates how emerging technologies can be deployed by companies at various points in their journey toward putting in place a fully functioning and commercially viable data production, sales and distribution mechanism.
External Data Web Store: A large exchange operator, for instance, has deployed TickSmith Enterprise Data Web Store as the basis for a commercial data sales operation to modernize its approach to data sales and distribution. The implementation allowed it to identify and create new data products quickly and efficiently, as well as streamline its high-touch sales processes and leverage cloud delivery to allow prospects to sample and test its datasets.
Private Data Web Store: A European clearing house implemented the TickSmith’s Private Data Web Store to centralize access to its data, enabling it to offer prepared and ad-hoc reports for its members, with dynamic entitlements by consuming organization. This approach adds to the overall value of the company’s offering, boosting member loyalty and driving additional business.
Data Renting: The exchange operator mentioned above is also creating an inventory of its entire market dataset – comprising more than 130 terabytes – within the TickSmith platform, enabling instant direct access to the data for customers. The deployment makes use of TickSmith’s partnership with Databricks, which uses the Snowflake or Databricks Delta data sharing protocols to offer external parties access to exchange’s full market dataset. This approach allows the exchange group to rent its dataset or specific subsets, with built-in automated expiry of access based on agreed licensing terms.
File Generation and Distribution: Another major exchange operator implemented TickSmith Enterprise Data Web Store to handle back-end processing of data products, having found its legacy infrastructure was restricting its ability to create new data products and slowing development of new functionality. The exchange is now able to create and operationalize new and derived data products, automate delivery and monitor service level agreements (SLAs).
End User File Specification: The same exchange is also using TickSmith’s End User File Specification facility to allow customers to filter out irrelevant data in order to focus on watched symbols, giving them faster access to smaller, more targeted datasets that meet their individual needs.
Data Clean Room/Pooling & Analytics: A group of North American banks have deployed TickSmith’s platform to pool their fixed-income and derivatives rates to drive analytics in support of their capital adequacy calculations. The platform supports anonymization, schema mapping and pooling of bank-contributed rates, sparing the banks millions of dollars of investment that can be put to other purposes.
Internal Data Distribution: Other organizations are using TickSmith’s platform as a centralized place to catalog and distribute data internally across various departments, managing data access using granular entitlements according to the defined data governance strategy.
As can be seen from these use-cases, the spectrum of potential deployment of marketplace technologies is wide, and can help corporations in a variety of ways as they strive to capitalize on growing demand for new data and insights.
Curious to know more? The following white paper provides insights into putting in place a fully functioning and commercially viable data production, sales and distribution mechanism.
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Use Cases to Unlock the Value of Your Data