Unlocking the Value of Data Monetization: Key Strategies, Benefits, and Privacy Best Practices
Data has quickly emerged as a valuable asset for businesses, often compared to oil in terms of its potential to drive revenue. With the massive volume of data generated from business operations, social media, and financial transactions, companies now have a wealth of information at their fingertips.
This has elevated the importance of CDOs, who play a key role in optimizing data operations. CDOs are tasked with ensuring that data is used effectively for monetization while adhering to regulatory compliance. In light of changes like Google’s plan to phase out third-party cookies, it’s more crucial than ever for organizations to devise strategies to collect and utilize consumer data post-cookie era.
According to a McKinsey Global survey, high-performing companies are three times more likely to report that their data monetization efforts contribute over 20% to their overall revenues compared to their peers.
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