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Introduction

Organizations are looking for effective ways to monetize their data assets in today’s data centric world. Snowflake is widely used for enabling seamless, secure, and scalable data monetization. It is a cloud-based data warehousing platform with Data Sharing 2.0 capabilities. This article explores the Snowflake Data Sharing 2.0 and how businesses can leverage it to unlock new revenue streams.

Snowflake Data Sharing 2.0

Snowflake Data Sharing 2.0 is an advanced version of Snowflake’s Secure Data Sharing, which supports multi-party collaborations. It is designed to enhance data collaboration, monetization, and interoperability. Snowflake allows organizations to share live, ready-to-use data across different platforms. With Data Sharing 2.0, Snowflake supports data exchanges, and commercial data monetization through the Snowflake Marketplace.

Key Features of Snowflake Data Sharing 2.0

The important features of Snowflake Data Sharing 2.0 are:

  • Live Data Sharing Without Duplication,
  • Secure and Governed Access
  • Cross-Cloud and Multi-Region Support
  • Monetization via Snowflake Marketplace
  • Data Exchange for Ecosystem Collaboration

Live Data Sharing Without Duplication

Data providers offer live data sharing with direct access to their datasets. Consumers can access the latest data in real-time which reduces stale or outdated information issues.

Secure and Governed Access

Granular access control ensures secure data sharing via roles and permissions. Fine-tuned access are allowed to specific users by masking policies and row-level security.

Cross-Cloud and Multi-Region Support

Share data seamlessly across different cloud providers and multiple geographic regions which enhances global collaboration.

Monetization via Snowflake Marketplace

In the Snowflake Marketplace, data providers can and sell their datasets. Consumers can subscribe to valuable datasets and integrate them into their workflows.

Data Exchange for Ecosystem Collaboration

Organizations can exchange data by setting up private or public data exchanges that facilitate data collaboration with partners, suppliers, and customers. It enables real-time data sharing for analytics, AI/ML applications, and industry-wide insights.

Snowflake DataSharing

How Snowflake Data Sharing 2.0 Powers Data Monetization

In the Snowflake Marketplace, companies can package and sell valuable datasets, enabling:

  • Subscription-based data services
  • Pay-per-query pricing models
  • Licensing agreements for proprietary datasets

Data providers can offer enriched, pre-processed datasets with built-in analytics. It helps consumers to gain faster insights without additional data processing efforts.

Enterprises can share real-time data with partners, suppliers, and customers by creating private data exchanges. It leads to:

  • Better supply chain visibility
  • Improved customer experience through personalized recommendations
  • Industry-wide benchmarks and analytics

Organizations can monetize training datasets for AI models. It can secure data sharing by enables federated learning where models are trained without moving data.

Snowflake enables financial firms to:
  • Sell market intelligence,
  • Credit risk scores,
  • Investment analytics.

Environmental, Social, and Governance data providers can monetize sustainability metrics and carbon footprint data.

Use Cases of Snowflake Data Sharing 2.0

The popular used cases of snowflake data sharing 2.0 are

  • Financial Services,
  • Retail & Consumer Insights,
  • Healthcare & Life Sciences
  • Advertising & Media Analytics
  • Smart Cities & IoT Data Sharing

Banks and investment firms can sell real-time market data to traders and analysts. Risk and fraud detection firms can share credit and transaction data securely.

Retailers can share purchase behavior data with brands to optimize marketing strategies. E-commerce platforms can monetize demand forecasting models for suppliers.

Hospitals and research institutes can collaborate securely on clinical trial data. Pharmaceutical companies can share anonymized patient data for drug discovery.

Adtech companies can sell audience targeting and engagement data. Media firms can monetize streaming analytics and content consumption insights.

Governments can share traffic, weather, and public safety data with businesses. IoT companies can monetize sensor and device data for predictive analytics.

Getting Started with Snowflake Data Sharing 2.0

The important steps in leveraging Snowflake Data Sharing 2.0 for monetization are:

  • 1.Identify Valuable Datasets to determine which datasets have commercial value or can drive insights for customers.
  • 2.Set Up Secure Sharing Policies and use role-based access controls (RBAC) and data masking for compliance.
  • 3.Leverage the Snowflake Marketplace by listing datasets for subscription-based monetization or on-demand access.
  • 4.Enable Cross-Cloud & Multi-Region Access to expand your data-sharing reach globally without data replication.
  • 5.Monitor Usage & Optimize Pricing using Snowflake’s usage analytics to track how data consumers interact with your datasets.

Conclusion

To sum up, Snowflake Data Sharing 2.0 is suitable for data monetization by providing secure, and real-time data sharing capabilities. Organizations across industries can unlock new revenue streams and enhance decision-making through Snowflake’s scalable data collaboration framework. To understand and learn about snowflake, Credo Systemz provides the snowflake course in Chennai. Learn and Start leveraging Snowflake Data Sharing 2.0 today!

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