If you've got data, you've got power. And if you know how to leverage that data, you can make some serious money. With the advent of the digital age, data has become one of the most valuable commodities in the world. Big businesses and corporations have long understood the value of data and have been using it to their advantage for years. However, with the recent introduction of GDPR, data has become a hot topic for discussion, with many people now questioning how their data is being used and why companies are so keen to collect it.
That's where Power BI comes in. Power BI is a business intelligence tool that helps users turn data into insights, and those insights can be monetized. But how, exactly, can you make money with Power BI? Let's take a look.
A curated dataset is a dataset that has been organized and cleaned up by a team of experts. This team will look at the data and remove any errors, duplicate entries, or irrelevant information. They will also add any missing information that may be needed. After the dataset has been cleaned up, it will be organized in a way that makes it easy to use and understand.
There are many reasons why you would want to create curated datasets. The first reason is that it can help you monetize your data. If you have a large dataset that you want to sell, you can increase its value by curating it. This will make it more appealing to potential buyers because they will know that they are getting accurate and usable data.
The process of creating a curated dataset usually involves four key steps:
1) identifying which data is most valuable,
2) collecting the data from various sources,
3) cleaning and organising the data, and
4) packaging the data in a format that is easy to use.
This can be done witheither a.) free publicly available data or b.) Paid for data (check your providers’ T&C’s). For example, there are no out-of-the-box African shape files for Power BI’s map visual and finding complementary data is a chore. This could potentially be monetised by using the above framework. For example: finding a reputable free source of African shapefiles (eg. OpenAfrica), supplementing it with exchange rates/temperature/country KPI’s like GDP and Population (eg. World Bank),and then cleaning & modelling the data in an easy to consume format. In this case business are paying for the convenience factor.
Businesses can simply sell access to their datasets, either outright or through subscriptions. This can be done internally, or through third-party providers such as Amazon Web Services (AWS) or MicrosoftAzure.
1. Sell your data products on the Microsoft AppSource. If you've developed a data product using Power BI, such as a custom visual or connector, you can listit for sale on the Microsoft AppSource. When someone buys your product, you'll receive 70% of the purchase price. See more information on different approaches on this excellent article by Radacad.
2. License your content packs. Another way to monetize your Power BI skills is to license your content packs. Content packs are pre-built solutions that allow users to access your data without having to go through the trouble of setting up their own connection. You can license your content packs for a one-time fee or on a subscription basis.
3. Provide training and consulting services. If you're an expert in using Power BI, you can sell your services as a trainer or consultant. You can provide one-on-one training or develop training modules for larger groups. You can also offer your services as a consultant to help businesses get the most out of their data and improve their bottom line. Many training courses focus on theory and static applications, and accordingly there is a massive gap in the market for training end-users directly on their own models. This cuts down adoption time and provides rapid-fire insights that are quickly actionable.
Data monetisation has come under fire in recent years due to concerns about privacy and security. Under GDPR, customers have the right to know how their data is being used and have the right to have their data erased if they no longer want it to be used by a company. As well as privacy concerns, there are also concerns about the security of customer data. With large-scale data breaches becoming more and more common, many people are worried about entrusting their personal information to companies who may not be able to protect it properly.
Organisations that have large quantities of high-quality data can monetise it by creating curated datasets. This can provide a new source of revenue and also help to improve the accuracy of their own products and services. As you can see, there are several ways to monetize your Power BI skills. So if you've got data, put it to work and start making some money!