Data is the raw material of the 21st century – many companies have already recognized this fact and go hunting to arrive at the sought-after asset. However, according to the BARC study "Data Monetization – Use Cases, Implementation, Added Value", to date only 17 percent of the companies surveyed have established initiatives for data monetization. Using the example of Amazon, Google, or Microsoft, it can be seen what successful procedures for data monetization can look like: The tech giants have high-quality data, which they sell on to other companies. These companies in turn develop innovative products or services, data-based use cases, or new business models. In the end the tech giants realize the monetization of the digital twin of their products and services in compliance with customer data protection and all legally relevant and country-specific regulations.
This type of data-added value generation can also be attractive and realistic for other companies. Because almost all of these companies have abundant raw data – OEMs mainly about product and service data. Instead of the time-consuming and costly analysis of this raw data in order to develop appropriate offers for a large market, they should start further down and make the data available to partners. This is an interesting additional source of income especially in the current crisis situation. It is not so much the volume of data, but its quality that is decisive here. A small database with 100 MB of raw data can bring in a lot of money. And important data is generated in the development and production of a vehicle which can be further enhanced along the life cycle – if the product or service owner consents and all legal regulations are observed. The digital twin provides information about the vehicle condition, emissions data for combustion engines, battery usage for e-models, as well as software versions. This data can then be sold to insurance companies and fleet management companies, workshops and parts distributors, if it is anonymized with respect to the customer-specific information.
In our MHPDeepDive "Generating added value through holistic data management", we inform you how you can monetize product and service data and give you the right ideas and tools in order to implement this holistically, as well as in compliance with data protection regulations and other legal regulations. We also show you how much potential there is in your company and how the network with your partners and customers changes.
What awaits you in our MHPDeepDive:
- You obtain an insight into the world of data hierarchy and the Digital Twin.
- We show you how you can get more from your data and present appropriate procedures.
- You find out how the network of partners and customers changes.
Speaker:
Bernd Herold
Associated Partner, MHP
