Data monetization, as a strategy to grow a company's wealth, is still somewhat of a new concept but one that cannot be ignored. At the most fundamental level, data monetization involves selling rights in data to a third party, but for companies looking at data more strategically, it can also mean using data to create new services and revenue streams.
Baker McKenzie has completed a review of how current data monetization trends impact our clients within the future mobility sector. When approached systematically and with sound legal advice, data monetization can generate significant economic benefits. In the first instance, we identified the three key steps every company's data monetization strategy should encompass: (i) identifying relevant data, (ii) assessing its utility and value, and (iii) determining mechanisms to exploit the utility of the data and capture its value.
Next, we produced a user-friendly interactive Data Monetization Guide to capture at a glance the key legal, business, and technological considerations that need to be periodically evaluated to effectively monetize data in a manner that avoids legal pitfalls.
Watch the introductory video in which our experts comment on the topic of data monetization and how to make optimal use of the guide. Please reach out to any of our key contacts to arrange a consultation.
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