When compared to other asset classes, data hasn’t historically been subject to the rigours of asset management and utilisation strategies. Now that’s changing.

Companies and organisations are actively exploring ways to extract maximum value from their data, both operationally and commercially.

Many are discovering external demand for their data that can provide attractive and sustainable revenue opportunities.
After closely observing this process for a number of years, it is evident that data commercialisation is only successful if it is tailored, practical and deliverable. Companies and organisations often underestimate the value they can derive from their data through initiatives that improve internal performance and develop or enhance market offerings. The data commercialisation space is rapidly evolving.

Developments in predictive analytics, anonymisation, AI and machine learning, blockchain, tokenization and the Internet of Things are providing exciting opportunities that didn’t exist until recently.

One of the great advantages of Aurum Data’s methodology for data valuation is that it provides critical insights into the key drivers of value for each assessed dataset. To help shape an actionable commercialisation strategy, Aurum Data carefully reviews the findings of the data valuation report to clarify those drivers within the unique commercial or operational context of each client.

Value drivers may include data collation and storage, potential new service offerings or products, data differentiation, data-driven innovation and internal data-driven decision making.

By linking the commercialisation opportunities to the key value drivers identified through Aurum Data’s data valuation methodology, companies and organisations have a base value to work from, providing transparency and accountability to the data commercialisation opportunity.

Timeframes are clarified regarding implementation to ensure expectations are realistic in terms of when results can be expected. Trends amongst industry leaders across the globe are factored in to provide context and scale options for consideration.

A data commercialisation strategy will be much more likely to succeed if it genuinely integrates with the broader operational or commercial plan and provides clear insight into where the start line is and what defines success.