Data Monetization: Value Realization and Data Sharing

By Johan van der Walt, Managing Director, Protiviti and Dan Stummer, Managing Director, Protiviti

The era of big data is upon us, ushering in a digital transformation driven by the Internet-of-Things, mobile technology, AI and cloud computing. This revolution has generated a vast array of new digital data sources.^[1] Many businesses are digitizing traditional paper records, while advanced algorithms now process various types of content — audio, video, text and images — with remarkable speed and efficiency.

These technological advancements have enabled the automation of analog-to-digital data conversion. Analytical tools have become so sophisticated that they can uncover patterns and insights in unstructured data that would elude human analysts. The boundary between the digital and physical worlds is increasingly blurred, simplifying the management and access to crucial information.^[2]

The progressive companies harnessing technologies that capitalize on this data surge have reaped significant benefits — optimizing process automation, new product development and enhanced risk management. However, more businesses are now exploring secondary or external uses for their data, which could yield both financial and societal rewards. In some industries, customers might also gain from data sharing regulations. This paper examines three case studies of data sharing and provides considerations for CIOs contemplating participation in the data sharing economy.