First of all, when you indirectly monetize your data, you likely consider it to be too valuable to sell. The data is your competitive advantage and you think of it as a strategic asset that you do not want to share with others. Just keep in mind — if you are too protective with your data, you might not be able to participate in ecosystems where all partners share an open mindset and offer their data from different domains to create value.
Comparable to direct data monetization, there are also two ways to utilize your own data: conduct data-based optimization or create data-driven business models.
The goal here is to mainly . This has multiple fields of application. One example could be the optimization of the test benches in your manufacturing process by reducing testing time. Another example is using field data to improve your product design. Bosch Indego designers used the data collected in the field and to create a smaller and more compact product that perfectly fits customer needs. Use these examples to think about improving your own processes and products.
Data-driven business models
With this monetization strategy, you do use your data, e.g. from products or processes, to discover new business opportunities, customer types and segments. This means developing new services or products — or at least enhancing your existing ones. Creating data-driven business models helps you discover radically new businesses instead of adjacent businesses. They are also valuable when it comes to diversifying your revenue streams. A good example for this is the OEE improve service from Bosch Rexroth that was developed for a specific manufacturing domain. This service uses manufacturing data to provide custom subscription-based condition monitoring services for hydraulic systems.
There are many options on how to monetize your data. It is now up to you to identify the approach that best suits your business.
If you are struggling or need guidance for generating value from your data, I will be happy to help with our data-driven business model workshops.