Developing a standard method for data monetisation

Colruyt Group approached Möbius to provide them with greater insights and to develop a standard method for determining the value of its data products.

Determining the value of data

In spite of the numerous application areas, only a limited number of companies have started selling internal data to external parties. Apart from the challenges of identifying and executing these types of initiatives, there is one question that few can answer: What is my data worth and how much is my trading partner willing to pay for it?

Colruyt Group approached Möbius to provide greater insights and to develop a standard method for determining the value of its data products.

Increasing awareness regarding data monetization

The project started by increasing awareness regarding data monetisation (the term used to describe a variety of approaches to turn data into money) and by developing a joint vision.

Once the rules of the game were established, we organised surveys and brainstorming sessions in order to gain an overview of potential use cases for trade in information.

As an information-driven organisation, we want all employees to develop or increase awareness of the value of that information. Thanks to Möbius, we were able to make that value more tangible by developing a generic approach for determining the value of our information products. What I appreciate the most is the pragmatism and determination with which Möbius carried out the project within the anticipated time frame.

Bart Van Roost Manager Information Sharing & Trading

Standard method

Möbius developed a tested model for determining the value of a data product.

The process comprises three steps:

An internal chatbot is available to employees within the organisation for initial development and assessment of ideas. The results are then screened and prioritised by a central team.
Once the use case is established, various workshops will be organised by the central team to apply the generic model. After a few sessions, a concrete idea is obtained of the value of the data product and profitability of the use case.
If profitable, decisions are made regarding the terms and conditions, the data product can be implemented and negotiations can begin.

Colruyt Group currently has greater insight into the potential of data monetisation and a concrete model for developing a business case and determining the value of the data product relatively quickly.