Many organizations collect large amounts of data in their day-to-day business, but don’t make the most of it. More recently, however, many organizations have started recognizing the untapped potential of their data to generate new income streams and improve how they work. This is where data monetization comes in. Data monetization means turning data into money (or economic value), either by selling it or by using it to boost business operations and customer experience. For instance, Facebook makes money by selling data to advertisers (this is called direct monetization). On the other hand, Amazon doesn’t sell the data; instead, it uses data to recommend products you might like, which helps increase sales and drive customer traffic (this is called indirect monetization).
Data as a goldmine
As data becomes a valuable resource, more and more organizations are investing in machine learning, Artificial Intelligence (AI), and analytics expertise to help them understand what their data is really telling them. They use that information to make smarter decisions, like how to improve their services, boost sales, reduce costs, or find new ways to grow their business. But, for data monetization to truly create value for organizations and society, it needs more than just algorithms. It needs well-designed digital platforms that protect people’s data, prevent misuse, and ensure that everyone can benefit, not just big corporations and tech experts.
At the forefront of this effort is Professor Morad Benyoucef, a leading information systems expert at the Telfer
School of Management. Backed by a prestigious NSERC Discovery Grant, he’s exploring how we can design better digital platforms that allow data to be shared and used to create value, not just economic profits, but also social benefits.
More specifically, his research focuses on digital platforms that make it possible to share, buy, or sell data. Think of these digital platforms as online marketplaces that connect buyers and sellers of data. Some of these data marketplaces are open to the public, like government websites where you can get free information about traffic, pollution, or public health. Other data marketplaces are designed for the use of businesses only (called B2B platforms). There are also data marketplaces where everyday people can sell their own data to companies (called C2B platforms).
Benyoucef’s research will examine all three types. His team will build and test new digital platform prototypes using cutting-edge technology (like AI). The goal is to help people and organizations understand data and use it in beneficial ways, especially if those users don’t have access to the latest technology, like smaller businesses, community groups, or people who aren’t tech-savvy.
“Well-designed data monetization platforms with novel business models that offer data and data-related services will foster a data-driven economy and a data-informed governance and give individuals control over their personal data, leading to substantial economic and social benefits,” said Benyoucef.
This NSERC-funded project will not only strengthen Canada’s leadership in digital innovation but also empower a new generation of graduate and undergraduate students to design technology with purpose in mind. By combining careful design, ethical considerations, and impact, Benyoucef is helping lay the foundation for a more equitable, just, and fairer digital future. In a world where data is treated as currency, his work is an important reminder that the future of technology isn’t just about innovation and making money, it’s about who gets to benefit from it, who gets left behind, and whether we dare to build digital systems that truly serve everyone.
