In an increasingly data-driven world, organisations are realising the immense potential of data monetization. By harnessing the power of data, businesses can gain valuable insights, make informed decisions, and even create new revenue streams. According to Gartner Glossary, data monetization, refers to the process of using data to obtain quantifiable economic benefit data by transforming it into actionable insights, products, or services.

With the EU’s strong emphasis on data protection, privacy and trust in voluntary data sharing through regulations such as the General Data Protection Regulation (GDPR) or the Data Governance Act (DGA), the data landscape has undergone significant transformations. However, as organisations adapt to these regulations, they are also discovering innovative ways to unlock the potential of their data assets.

DATAMITE is designed to revolutionise the European data market by helping users who want to better monetise their data and become the leading edge of the data monetisation.

Trends and Opportunities in the EU

Compliance and Ethical Considerations

The GDPR has played a crucial role in shaping data monetization practices in the EU. It has created a foundation for data protection and privacy, ensuring that data is collected, processed, and shared responsibly.

In this context, DATAMITE is one step ahead and its multidisciplinary team includes two companies in charge of this trend. The Centre for Social Innovation (ZSI) ensures that the whole process of developing the framework is carried out with a high focus on Social Sciences and Humanities that goes beyond the monetary aspects. Law and Internet foundation (LIF), on the other hand, ensures that all activities developed within the project are legally and ethically aligned with the European regulatory framework and principles. 

Collaborative Data Partnerships

As data becomes increasingly valuable, organisations are seeking partnerships to pool their resources and create more comprehensive datasets. Anytime two companies combine their data-driven insights to create new value, we are seeing data collaboration in action. Despite the enormous value of creating a partnership, companies or public bodies should always bear in mind the above point about data privacy. “In the modern world where privacy and security are of monumental importance, the methods companies use to collaborate around data are more important than ever”, reminds the Data Collaboration Guide.

The DATAMITE project as a whole is a good example of the benefits of collaborative data partnerships, with more than 20 organisations participating in its development, sharing knowledge on data storage, security and exchange. And, in particular, its use cases seek to realise the full potential of multi-site data exchange and data exchange between service providers and dataspaces.

Improving data quality; a must for data monetisation

To derive meaningful insights, data must be of high quality, accurate, and reliable. According to the publication Data.europa.eu data quality guidelines, poor quality data is a major barrier to data reuse. This is not new, since 2021 the Open Data Maturity assessment showed that, out of all the parameters it takes into account, EU countries scored lowest on Quality. Yet there is still much room for improvement in this field.

DATAMITE recognizes the critical role of data quality in successful data monetization, and is fully committed to improving it. As Liliana Beltrán, Specialist in positioning and Data innovation ecosystems at ITI – Instituto Tecnológico de Informática, on behalf of the project said at the Data Week 2023: “We firmly believe that to embark on a new era of the data economy, it is crucial to prioritise efforts in enhancing data quality. High-quality data is a fundamental aspect of successful data monetization”. By prioritizing efforts to enhance data quality, the project aims to overcome the barriers posed by poor data quality and promote the reuse of data.

DATAMITE: Empowering European Companies in Data Monetization

In the context of this evolving landscape, the DATAMITE project emerges as a game-changer, empowering European companies to improve data monetization, interoperability, trading, and exchange at both internal and external levels.

To support internal improvement, DATAMITE provides users a collection of open-source modules to enhance their data quality and trustworthiness, as well as Tech training material to upskill personnel. But also, from a data economic perspective, DATAMITE provides EU companies strategies to improve data monetization and mechanisms to quantify the value of their data.

At an external level, DATAMITE ensures that users retain control over their data, enabling them to explore new sources of revenue and foster interactions through Data Sharing and Sovereignty Mechanisms.

In summary, by adhering to FAIR principles and providing data owners with tools to secure and reliably share quality data, DATAMITE boosts data economy. Through this initiative, European organisations can harness the power of their data assets, drive innovation, and explore new sources of revenue in the evolving data economy.

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