Is data monetisation relevant? Baker McKenzie thinks so
Large companies do not envisage a future without the use and monetisation of data. With the growing interest in data collection and the creation of strategies around it, countries have been imposing legislation in order to regulate the excessive and uncontrolled use of data.
Baker McKenzie, aware of the importance of data in the market, has launched a web portal focused on data monetisation, especially providing legal information on data protection, security, taxation, intellectual property, among others.
The international law firm is confident that data monetisation brings economic benefits when it is backed by sound legal advice, and provides three key steps to achieve this:
(i) Identifying relevant data.
(ii) Assessing its utility and value.
(iii) Determining mechanisms to exploit the utility of the data and capture its value.
"More and more clients are coming to us for advice on capitalizing on data, quch is the new currency driving economic benefit for businesses around the world," said Laura Liu, Councel at Baker McKenzie Fenxun Shanghai.
Jan Kresken, Councel at Baker McKenzie in Düsseldorf, Germany, believes that this new tool emphasises the key questions that companies need to incorporate into their business strategy to launch a successful data monetisation project.
"We are always delighted to work with companies to ensure they remain one step ahead of the legal, business and technological aspects of new mobility trends and solutions wherever the company is based in the world," says Teisha Johnson, Partner at Baker McKenzie in Washington, DC.
In this way, Baker McKenzie seeks to support its clients in a practice that, although not yet widespread in the markets, is currently gaining in importance.