Buying data should be more like Spotify and less like Sam Goody

Data should be able to be found, bought, and sold as easily as digital singles.

In today’s data economy, growth is slowed by friction created in how data is bought and sold. Contracts, integrations, and firehoses of data make transactions a slog. Unless the last mile which connects buyers and sellers of data is joined, all industries that use data as their fuel will suffer.

A few years ago, I read an article that talked about how iTunes didn’t ruin the record business, having to buy the whole album did. A similar transformation is underway in the data industry. In both cases, technology allows for the aggregation and distribution of only the specific elements the end user wants.

Sellers of data, like record execs, may be concerned by large data sets being broken apart and scrutinized by potential clients to identify and buy only relevant elements. But in the long run this creates a distinct advantage for the seller. By setting different values for different types of data, the seller can license each for a higher rate. As that asset grows, sellers reap more revenue than if their most valuable data was only sold in bulk.

For buyers, having a centralized place to discover, evaluate, augment, and purchase data is the key to removing the roadblocks which are slowing the growth of the data economy. Fewer integrations, fewer contracts, and more granular purchasing options lowers the cost of entry for consumers. With a lower cost of entry, data can be accessed and utilized quicker, easier, and more often, bringing value to both buyers and sellers.

This is the “last mile” connecting data buyers and sellers — what it would look like if iTunes or Spotify sold data.

Observed, raw, unfiltered data is the fuel which feeds the work of data scientist, AI teams, and marketers. In order to realize the full potential that data offers, suppliers and consumers of this data must embrace a new way of discovery and monetization.

Technology can alleviate the friction which slows, or in some cases stops, the data economy from growing. If data outcomes were achieved faster and at a lower cost, how much benefit would this provide to your organization? Multiplied out across all data sets and use cases, the shift to technology-driven data monetization could change the data economy forever.

Want to lower the cost and increase the speed of your data acquisition and monetization efforts? Connect with a member of our team to find out how.