Exploring Data Monetization to Customers Outside the Core Business

Abstract

Data is playing an increasingly important role in the embedded systems domain. Embedded systems companies are collecting vast amounts of data that hold signifi cant value due to its uniqueness and irreplicability. This data is not being exploited to its full potential value. Currently, embedded systems companies are exploring how their data can be of value to their core business and current customers. How ever, the data can also be of value to stakeholders outside the boundaries of the core business. This study set out to explore how embedded systems companies can monetize their data outside of their core business, to new, secondary customers. Semi-structured interviews, as part of a multiple case study, showed that companies within the domain have an interest in monetizing data to secondary customers, but lack a clear way of finding and developing such business opportunities. The Data to Secondary Customers Exploration Model (DSCEM), developed in this study, aims to guide embedded systems companies in finding data monetization ideas worth pursuing with full-scale solutions. The DSCEM was validated through three means: validation interviews with practitioners, simulating use cases, and applying it to two real use cases in a workshop.