Selling exhaust data or data that you generate for purpose can be re-sold. Many times over and sometimes to a most unexpected buyer. Selling data can help to offset the costs of operating your data warehousing as well. We look at some steps you can take when considering if you can or should sell your data.
- What Data to Sell: This can be exhaust data or specific data formats, say perhaps, from line robots on the floor. Or perhaps HVAC data from facility operations. The first step is deciding what data you might sell.
- Privacy: If you deal in data that can identify people, you will need to ensure the data is anonymized (we don’t deal with human identifiable data such as marketing lists or health.) When selling these types of data, you’ll need to ensure the buyer isn’t using it in a way that can identify people. So ensure you have an indemnification clause in any sales contract.
- Who Not to Sell To: You may not want your data to be used by a competitor, so take steps to ensure whoever is brokering your data or whom you sell it to, is not a competitor.
- Price: This is a moving target. Based on our experience most industrial data has to sell in terms of volume. We’ve seen prices around $800 for 3Gb of SCADA data and as high as $7,500 for 1Tb of an operating line of data. Which brings us to the next step;
- Preparing the Data: Once you’ve identified the types of data you could sell, it’s good to partition that data away from your primary storage and management. Put it in a container. Leave it. We don’t recommend cleaning as you can never be sure of who will want the data and in what degree of structure. You can clean it when there’s buyer, if they want.
- Contracts: You can prepare your own contracts, but a good data broker will have contracts established. They should also ensure your data is sold to a reputable buyer and protect you to some degree.
- Regulatory: Make sure you’re in compliance with the legal right to sell your data or that it won’t cause any concerns with governance and the law.
There are a few more things to consider, but these can get you started down the road to considering the sale of your data. We often work with companies to help them assess what data they can sell and put a plan in place to prepare it. Ideally you want to keep costs at a minimum for preparing the data for sale.