Moneta

Digitalisation has enabled businesses to access and utilise vast amounts of data. Business data analytics allows companies to employ the most recent and relevant data to comprehend situations and enhance decision-making. While the value of data itself is limited, substantial value can be directly or indirectly uncovered from data. This process is referred to as data monetisation.

The most successful stories of data monetisation often originate from large corporations, as they have adequate resources to monetise their data. Notably, many such cases arise from prominent Big Tech companies in North America. In contrast, small and medium-sized enterprises (SMEs) have lagged behind in utilising their digital data assets effectively. They are frequently constrained by limited resources to build up capabilities and fully exploit their data. This places them at a strategic disadvantage, particularly as digitalisation is progressively reshaping markets and competitive relationships. Furthermore, the use of digital technologies and data are important in addressing societal challenges such as energy conservation, circularity, and the ageing of the population. This lag has been highlighted by SMEs we have engaged with, where managing directors have indicated their desire to operate based on data, but their companies lack the know-how and are unsure of ‘where to start’.

Together with eight SMEs and other partners, we have defined a research project to gain insight into the potential and obstacles of data monetisation in SMEs. More specifically, we will explore how SMEs can transform data into strategic assets and create value. We attempt to demonstrate the journey of data monetisation and illustrate different possibilities to create value from data in SMEs. We will take a holistic approach to examine different aspects of data monetisation and their associations. The outcomes of this project are both practical and academic, such as an SME handbook, academic papers, and case studies.