Privacy and Data Monetization: a conflict of interests? Really?
Privacy and data monetization are often seen as two antagonistic concepts. While the privacy-respect represents something that costs time, resources and money, the data monetization on the contrary, is what allows you to bring money in. Thus, when thinking about a successful strategy for bringing economic value to personal data, most companies only think of this data as an asset, and tend to forget about their responsibility.
Yet, with regards to privacy and data protection regulations, personal data is certainly more a company’s liability: a duty to comply with a large number of obligations. But what if you could turn these obligations into an opportunity for your company?
Challenges of rightfully monetizing personal data
Data Monetization is a top priority for any company who makes it its business to collect personal data – if you want to keep your business afloat, you have to generate money. That’s clear.
Yet, at an age dominated by the freeware business model, thinking of a way to bring economic value to this data while respecting users’ privacy is a real challenge, many would say: how to motivate your users to pay for a service they can have for free elsewhere? Or if free, how to make profits without (unethically) selling their personal data?
If it became obvious that selling raw personal data is a very profitable business, there are actually a lot of other ways for companies to monetize their data.
First, you can use it to reduce your costs and enhance your overall business efficiency. Second, you can use it to keep generating more money: not a surprise, but how to do that with respect to users’ privacy rights? Usually, it is there that the conflict between money and privacy arises.
Using Data Privacy to enhance Data Monetization
The thing is, reducing data to money will often blind you about its infinite possibilities. In fact, chances are: starting by addressing data privacy issues will even help you enhance your data monetization strategy. Why is that?
As a first step, you need to realize that just like money, data continuously flows in and out of organisations. And how do you make more money with your actual money? By selling more of your products and services? Sure. But mostly, by having a clear picture of how money runs into your organisation and acting smartly on it.
In a similar way, having a clear picture of your data economy will allow you to be smart about it. You might think of it as an extra task that you don’t want to put your efforts into. But actually, it will demand nothing more that you already have to do: as sorting your personal data lifecycle is the core part of building your data privacy strategy (which you will have to do to comply with data protection regulations like GDPR).
So, just like you can turn your GDPR consent-requirements into an opportunity to build trust with your customers and grow your business, you can turn your data privacy obligations as an opportunity to find new ways to efficiently monetize the personal data you collect, enabling you to solve two problems at once.
So far, so good. But how to build an efficient privacy-preserving data management solution that allows you to meet both your privacy requirements and data monetization goals?
Here is our solution: Pryv.io – a ready-to-use Personal Data Management Platform as foundation to build a compliant, scalable and successful business model
Pryv.io is a personal data management solution that allows companies to rightfully collect, store, share and use personal and health data. We make personal data aggregation, sharing and processing as effective, secure and trustworthy as online banking.
Built to help companies achieve GDPR and HIPPA compliance, Pryv’s solution addresses all the data privacy requirements that you need to stay ahead of existing and forthcoming regulations, but also provides you with a data model precisely designed to aggregate and distribute multiple sources of information.
As we understand the value of combining a robust amount of data and diverse datasets is essential for providing personalized offerings, we wanted to provide companies with a way to do it efficiently and compliantly: we thus designed a data structure that is easy to understand and work with. Data pooling and data aggregation are among the best Pryv.io’s capabilities.
Our solution is customer- and data-centric, which allows any company or startup to have a clear understanding of its data economy – Everything you need to build a strong and ethical data monetization strategy, while being compliant to the most stringent regulations.
The best part? You can already install it, today, for free: Check it out 👇
Stephanie & Evelina @ Pryv