Unlocking the Power of Vertical Data Platforms: Changing the Game for Business Models
In today’s digital age, data isn’t just a byproduct of operations; it’s a core asset that’s reshaping how businesses think and operate. Vertical data platforms are paving the way for innovative business models that can transform your entire approach to data. Let’s unpack how these platforms are expanding possibilities across four key business models: internal data sharing, broker-intermediary services, external data monetization, and ecosystem creation.
Internal Data Sharing: Streamlining for Success
Imagine a bustling office where teams are constantly searching for data to inform their decisions. What if everyone had easy access to the data they needed? That’s exactly what internal data sharing aims to achieve. By streamlining data access, organizations can reduce costs, enhance governance, and spur innovation.
Take J.P. Morgan Chase, for instance. They leveraged a mesh framework for internal data product sharing, which resulted in increased data reuse and better risk management—simply by allowing domain experts to control who accesses what. When data becomes as accessible as a shared drive, it turns into a catalyst for product and service enhancement.
Broker-Intermediary: Connecting Data Providers and Consumers
Next, let’s talk about the broker-intermediary model. Imagine a marketplace where data meets demand. Platforms like Datarade serve as the connecting bridge between data providers and consumers. They facilitate direct financial transactions, and sometimes even offer the space for data consumption, making it easier for businesses to find and use the data they need.
Countries boasting robust cloud and AI capabilities are really leading the charge with new ecosystem offerings. These platforms bring a wealth of opportunities by creating environments where data can thrive, supported by strong regulations and frameworks.
External Data Monetization: Turning Data into Gold
External data monetization is a game-changer. A business no longer has to sit on valuable data when it can package it for resale. Companies can monetize their data through various channels: developer portals, marketplaces, or cloud catalogs. And here’s where things get interesting—the platform operator often curates this data, adding significant value while managing financial arrangements.
A shining example of this is Transport for London. By offering real-time and historical travel data, they power over 600 apps and contribute an impressive GBP 12-15 million annually to London’s economy. It’s a compelling scenario where data not only serves the public but also boosts the local economy—proof that well-managed data can deliver tangible benefits.
Ecosystem Creators: Fueling Collaboration
Finally, we have the ecosystem creators, those who enable collaborative platforms for data sharing. In this model, partners—whether providers, producers, or consumers—come together to co-create or share data products. The Hugging Face Hub is a prime example of this. It fosters a community where datasets and machine learning models can be shared, driving collaboration and advancing the development of new AI solutions.
The beauty of ecosystem creation lies in the symbiotic relationships that emerge, allowing everyone involved to share revenue and reaping collective benefits. It’s a forward-thinking approach that makes data sharing feel like a community effort rather than a corporate transaction.
Conclusion: Embracing the Data Revolution
The emergence of vertical data platforms is revolutionizing how we think about data. From internal sharing to ecosystem creation, these models invite businesses to view data not just as a resource but as a product that can drive value and innovation. Whether you’re part of a large organization or a budding startup, recognizing the potential of this data-driven future is essential.
The AI Buzz Hub team is excited to see where these breakthroughs take us. Want to stay in the loop on all things AI? Subscribe to our newsletter or share this article with your fellow enthusiasts.
