Data monetization is the process of using data to increase revenue. Direct data monetization involves selling direct access to your data to third parties. You can sell it in raw form, or you can sell it in a form that’s already transformed into analysis and insights. Typical examples may be contact lists of potential business prospects or findings that impact on buyers’ industries and businesses. Indirect data monetization is where things get interesting. Firstly, there’s data-based optimization. This involves analyzing your data to reveal insights that can improve your organization’s business performance. Data can identify how to reach customers and understand customer behavior so you can drive your sales. Data can also highlight where and how to save costs, avoid risk and streamline operations. Secondly, there are data-driven business models, where you use your data to discover new business opportunities and customers. You can embed analytics into your products or services, providing advantages for you and your customers. Customers benefit from direct access to usage analytics and other data generated by each product they already use. You benefit from offering this as a value add-on or as a new tier of service, encouraging customer loyalty. In turn, you get a better insight into how your customers are using your products. Without the right data monetization strategies in place, you risk missing critical insights that could improve your business. With the necessary strategies in place, you are well equipped to sharpen your competitive edge.