Your data is your most valuable thing. Make it sustainable and trustworthy as you turn it into money.

There was a time when data was just a by-product of digital activity. However, due to the rapid growth in technology, this has become a core resource for companies to evolve organically. Over the years, 'data has transitioned from the enabler of ideation and evolution to a sustainable and reliable proposition for revenue generation.

It's been my assumption that with this elevation in AI, we must find thoughtful, purposeful, and responsible avenues for this innovation.

Data is at the center of your business insights and important, private customer information. Today's users are very much aware of their data, and any issues or failures to protect any of that data can seriously impact the reputation of the company. 

As technology leaders, we are at an opportune moment where we can operate with a focus on monetizing our data insights but also not expose ourselves to risk at the same time. With that said, we need to look at our ethical and sustainable ways of monetizing data with trust.

That is what we are going to talk about today—to help and allow business leaders and others to monetize and turn their data into living and breathing business assets while staying on the right side of ethics and trust. If you would, join me on the journey!

Each of these is in place to efficiently and effectively monetize your data safely.

My team has developed an extensive checklist for this. Please check it out here while I discuss the key ethical components.

The worldwide big data economy is forecasted to grow to $573.47 billion by 2033, an increase from $199.63 billion in 2024, and the software development area accounts for approximately 44.3% of the market forecast.

These days, many organizations are using data in a couple of primary areas:

I have taken leadership roles to help businesses improve their supply chains, predict customer behavior, and roll out new technology solutions.

The primary reason these were effective is because they were data-driven and all accountable and ethical in their success.

In the technology industry, market trust is essential in surviving as a business. If customers lose trust in how you handle their data, your business will not survive. At Naxtre we hold ourselves up to certain basic rules, often referred to as our non-negotiables. 

Trust in the market is essential in the tech sector. When customers lose trust in your treatment of their data—whether in collecting, processing, or storing it—you are at risk of losing your business. At Naxtre, we comply with some basic principles that we do not compromise on:

We are very transparent about the way we collect, store, and process data. 

At Naxtre, there is a very straightforward and transparent data privacy policy that explains the following:

Consent is important in using the data.

When you give your users the option to choose what data they would like to share and to discontinue sharing it when they choose, they find you to be fair and honest. This demonstrates your commitment to being open and fair.

Incorporate privacy into the design of products, systems, and processes from the outset.

Protect data from the very first line of code to deployment. This includes identifying the needs of using data, conducting privacy-impact assessments, limiting purposes for which data may be used, defaulting to encrypted solutions, designing role-based access processes, consciously deploying privacy-enhancing solutions, and continuously monitoring for compliance.

Exercise tight control over how you use the data you have collected.

Ensure the data is only used for the purpose for which it was collected. Customers lose trust when it is used for different purposes without their approval.

Let’s now turn to the key challenges of data monetization.

There will be several obstacles to overcome if you are considering responsibility monetization:

If you are selling data, you must have data that is trustworthy, accurate, and fair.

However, if your data is not of sufficient quality or is riddled with errors, you may expose yourself to biased conclusions, flawed AI-derived decisions, and system failures. In fact, AI attacks have advanced so much that they can actually mimic human thought and disrupt your business systems.

Solution: You must use bias detection tools, implement strong data governance, and regularly benchmark your data.

As a tech leader, you also need to scrutinize your data practices thoroughly prior to any monetization.

If your company is monetizing data, you are exposed to considerable risk due to possible breaches.

A cyber breach could devastate your business; the implications might include loss of millions of customer records, lawsuits, and penalties for non-compliance.  

Solution: Enforce end-to-end encryption and deploy technology that detects anomalies while they are happening. 

Implement a zero-trust architecture that identifies any authoritative requests for data access and then grants or denies access based on determined authorization. 

Data privacy regulation is evolving constantly. 

Companies must comply with applicable international laws effective in areas of business such as GDPR, CCPA, and DPDPA, which contain restrictive statutes of what you can do with the data you possess or access; and you must monitor the evolving nature of regulations in specific jurisdictions of operation to feel secure you’re in compliance. 

Solution: Establish a compliance culture from ground zero.

Leverage automated compliance monitoring mechanisms to assess every action and every single use of data to maintain compliance at all times.

As a reputable leader, there are some things you need to be cautious about regarding cultural differences. 

There are no rigid rules to abide by. What works for you in one place may not work so well in others. You should not expect to use an identical strategy everywhere.

Solution: While your data strategies should frame the entire world, they should also be focused on each individual place.

At Naxtre, we care deeply about culture. That is why we have our senior strategist and advisor placed in one of our busiest markets. This is to do all the important things like pick up cultural differences, conduct proper cultural checks, assist with local bylaws, and keep you nimble for further necessary changes.

AI and other new technologies are rapidly evolving how we harness data and technology. While these advancements allow companies an opportunity to profit from very smart data, they also heighten scrutiny of every company.  Above all else, companies must treat data as a distinctly valuable asset, one that has direct implications for how trustworthy your company is or will be.

Being honest and ethical is very important—not only to avoid getting into trouble with the law, but also to cultivate loyalty among your customers.

To strike a balance between profit and trust, you should:

• Establish a strong ethical framework for the use of data.

• Hire someone that exists to attend to data ethics.

• Invest time and resources in high-end data protection tools.

• Create an accounting of actions taken with data.

• Educate your team and others on responsible usage of data. 

In a world where companies depend significantly on data, the greatest risk is eroding trust with your customers.

If you want a business plan that has the legs for long-term success, honesty, ethics, responsibility, responsiveness, and data intelligence should have the highest priority.