Did you know that 85% of the world’s data* is held within organizations that have, for the most part, no easy way to monetize it? Imagine, for example, the depth of consumer insights that a Telecommunication company is acquiring every day. What if they could easily sell their data to a marketing department of a Consumer Goods company?
To address this need, q.Datum, a start-up company based in Berlin, has developed a unique cross-industry data exchange platform that connects data providers (like Telcos) to data consumers (such as marketing departments, research labs, universities etc…). Think of it as an eBay to trade data, cross-industry.
I recently talked to Elad Leshem the CEO of q.Datum. According to Elad, “as much as 97% of existing raw and aggregate Big Data that exists today is underutilized due to a lack of accessibility”. q.Datum is addressing this growing gap and provides a way for organizations, individuals or machines to exchange raw and aggregate data either freely or via a subscription fee.
While other similar platforms exist, they are mainly proprietary or address only a specific industry or geography. q.Datum’s approach has been to provide a fully open and global marketplace, aiming to address unanswered needs, such as:
- horizontal data exchange that is agnostic to the data source – sources can be organizations, machines or individuals
- data exchange between any provider and any consumer from anywhere in the world
- a highly customizable pricing, access management, privacy & security control
- mechanisms to ensure only high data quality is provided
- tools to provide transformation and enhancement of data from free sources
How does a typical transaction look like?
It’s fairly easy. Imagine a data-driven organization that wants to share and monetize its data assets. It uploads its data via the q.Datum’s API on the platform, and then sets the price, privacy and access according to its policy and needs.
A third-party organization that wants to buy the data from this provider would subscribe to the stream, pay and download the data.
The platform is fully functional as of today and is in Beta phase. The company is aiming for rapid growth and is looking for partners and customers to adopt its platform.
q.Datum is part of a new breed of solutions that successfully leverage the cloud to simplify access to Big Data. Organizations that do not want to invest in complex Big Data infrastructures can get easy and immediate access to a wealth of consumers and other type of data to better run their operations.
It can also represent a good opportunity for data-driven companies to build new business models and monetize data assets they are acquiring anyways.
If you are interested in learning more about q.Datum, they will be presenting their solution at the SAP Business Transformation Summit in Berlin on the 10 – 11 November.
*According to q.Datum’s figures