Learn how you can monetize your data:
So, how can you get the most value from your data? A knowledgeable and phased approach facilitates a smooth transition from legacy practices and products to processes that tap into the advantages of Canada’s data economy. Defining policies and roles, developing data-sharing control mechanisms, understanding existing and potential data across the company and beyond, and planning best use cases will lead to increased profitability, reduced operating costs, expanded products and services, and valuable insights to benefit you and your customers. And efficiently shared data promotes constructive collaboration with partners and stakeholders, both internal and external.
I recommend a three-step tactic of migration, modernization and monetization. Migration moves the data to the most appropriate cloud environment, or target state architecture, where core data models can be rebuilt and modernized, and then monetized through effective data and digital agile ecosystems that are ready for growth.
Here are two examples of the positive impact of data monetization in two very different industries.
Internal data monetization: an international airline launches a transformative journey
A large international airline needed to transition to a more streamlined technology landscape with an optimized operating model. Analysis of their current data landscape revealed multiple legacy applications that could not yield the insights required for their growth.
With guidance from IBM, the airline launched a Data Platform Stability and Modernization journey, migrating select on-premise data platforms and workloads to the cloud. Within the modernized data landscape, they could create models for customer and passenger data, then expand the insights to different lines of business, such as cargo, loyalty and commercial applications.
Their data modernization journey has realized three significant benefits. Revenue has been increased through their transformed data sources, channels and products. They have developed a data-driven decision-making culture through the resilient, cloud-based data environment. And their data security and governance has been improved, setting a foundation for realizing a good return on investment through further data monetization and data-sharing initiatives in the future.
External data monetization: Yara goes from bushels to bytes
“Agriculture is one of the last industries that has focused on systematic process optimization.”
— Pål Øystein Stormorken, Yara
Norway-based Yara is the world’s largest fertilizer producer. It has established a solid reputation as a reliable source of information and a distributor of agricultural products, with an ethical and balanced approach to best practices for food production. Yara is dedicated to the exploration of new technologies that promote sustainable intensification to protect the environment, growing more food on existing farmland and avoiding deforestation. With the United Nations estimate that the population will reach 9.7 billion by 2050, along with alarming statistics on climate change and soil loss, Yara wanted to find solutions to the challenges to the food supply.
Yara partnered with IBM to build a digital farming platform with two new products: weather forecasting and crop-yield forecasting, following a pay-as-you-go commercial model. The cloud-agnostic strategy enables consistent data governance and data security, using DataOps to automate data functions so that its scientists could focus on data models and innovation.
The platform provides holistic digital services and instant agronomic advice around the globe, with the ability to reach 620 million farmers and serve up to 7% of the world’s arable land. These accelerators are just the first of many: an open innovation layer will allow Yara to create new revolutionary algorithms and a cognitive roadmap for farmers through constructive decision-making insights.
This is an example of the power of data monetization, generating not only business value, but also societal value in sustainable practices.
Canada will generate value for all of its citizens, industries, businesses and researchers by developing a flourishing data economy. IBM can help you understand and monetize your data, guiding you through your journey as you assess and prioritize your needs, select the right governance and operations models, and design a plan that propels you into the exciting future of data-driven innovation.