Did you know there are over 1 billion cars in the world and each and every one of those cars creates data? That’s because everything from your location to your wear and tear on your tires is in one form or another, data, and the amount of data is certain to increase as cars become increasingly connected and autonomous.
A single autonomous test car creates between 5 and 50 terabytes a day. At the rate of innovation across the globe, you can begin to see the enormity of business value one can create when monetizing this. Now when I say monetizing data, I don’t mean selling your data. Instead, I’m referring to monetizing vehicle data to measure and make positive impacts on business revenue. But how can you monetize your vehicle data?
In order to pave the way to monetizing your vehicle data, you need to consider three important prerequisites, which I’ll outline in the following video:
The discussed three prerequisites and the set of questions are important in paving the way to creating value from your data. Please make sure you set these up first before thinking of the next step: monetizing data.
When it comes to monetizing vehicles data, there are two ways to do this. The first one is direct monetization and the second one is commonly referred to as indirect monetization.
- Direct data monetization entails treating data as an asset and creating new revenue streams with it. This can mean that entail offering an API for data access, offering access to data analysis or selling licenses to wholesalers, retailers or brokers to access raw data.
- Indirect data monetization lets you utilize insights to enhance business operations and services. This will allow you to know the exact impact data can have on business operations.
Data is an asset that should no longer be stored in the data center. It is up to you to create value out of it, and it’s easier than you think! Contact us so we can help you leverage the power of your data. I also encourage you to read my previous blog post on one of our technology offerings that allows you to store large amounts of data, and also enables distributed research or development teams to access data to drive more innovation within the automotive sector.