Data monetization is the key to long-term success for many companies, not just software companies but also commercial firms such as manufacturers, retailers, banks, and insurance companies.
The philosophy towards data used to be, “Keep only what you need for as long as you need it” to avoid data-related liabilities. Now the philosophy is “Collect and keep as much as you can for as long as you can” in case you can find a way to monetize it.
Building large repositories of third-party data opens a company to new risks. Even though data breaches, system hacks, and cloud security issues are almost becoming the “new normal,” if your cloud-based technology or solution falls victim to any of the above, life for your company will quickly become anything but normal.
Layer on top of those risks the many regulations now being imposed by governments throughout the world, and suddenly offering cloud solutions gets really complicated.
Here’s what you need to know. – Read more