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Data monetization is an important part of the strategy for every high-performing companies to increase revenue. It’s a process of selling direct access to data of a company to third parties. Also, data can be sold in raw form or in a form that has already transformed into analysis and insights. Raw data involves analysis. It can improve an organization’s business. Moreover, the data with insights and analysis helps to find out new business opportunities and customers. Data monetization extracts better insights for the organization, customers, and partners besides optimizing the use of data.
Role of Data Monetization during COVID-19 Pandemic
Governments all over the world are adopting monitoring technologies d surveillance methods to contain the spread of the pandemic, which has put the world to a screeching halt. This various surveillance and monitoring technologies are helping to track corona positive patients. Also, tracks the travel logs of a person by monitoring the movement. Tech companies or data mining corporations are partnering up with the authorities to build surveillance devices to contain the pandemic. For instance, the national health Service is using the services of Palantir, Microsoft, and Amazon to track medical staff and resources.
Purpose of Tracking
The main purpose of tracking is to coordinate the UK’s coronavirus response. The US Center for Disease Control and Prevention is helped by Palantir. According to the Wall Street Journal, a task force has been set up by data-mining start-ups. Clearview A.I. and tech giants such as Alphabet, Amazon, and Facebook have set up data-mining.To contain the spread of the coronavirus pandemic, data- mining and surveillance companies will sign lucrative deals with governments in numerous western countries. Each company and organization has its specific characteristics. However, it is important to scale up data monetization capability, as the organization grows and changes with time.
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