After a rocky 2023, the latest market analysis reports for the new year are cautiously optimistic. Deutsche Bank noted it it now expects the U.S. economy to grow by 1.9% in 2024, while inflation rates are heading closer to the Federal Reserve’s 2% annual target.
Even so, the cautious approach adopted by many business during last year’s recession warnings are likely to remain until things stabilize further. Diversifying company revenue streams is a tried-and-tested method to mitigate business risk in response to wider economic shifts.
This often involves selling core products or services to different geographic locations, customer demographics or new industries. Yet companies may well have an opportunity to create an entirely new revenue stream from pre-existing company assets.
The global big data market is predicted to reach USD 401.2 billion by 2028. A newly announced partnership between Gulp Data and Snowflake announced today is set to help more companies tap into this thriving market and revolutionize their approach to data monetization.
A partnership to fuel data monetization
Snowflake is a data cloud company that empowers organizations to explore, share, and unlock the true value of their data, with its service offerings including the Snowflake Marketplace. Designed to help data-driven business leaders enhance internal data with third party data products to gain deeper, nuanced insights, the marketplace offers a unified way to discover, evaluate and purchase data, data services and applications from some of the world’s leading data and solution providers.
Gulp Data is a rapidly growing fintech that provides data valuations, data-backed loans, and data monetization services. Its proprietary technology provides an underwriteable data valuation based on a company’s datasets within just 24 hours and, as of today, this service will be available on the Snowflake Marketplace.
“Our integrated solution and partnership provides the resources for companies that don’t want to be left behind by empowering them to develop and monetize a diverse range of data products in Snowflake Marketplace,” said Chris Child, Senior Director, Product Management – Applications at Snowflake.
A solution for rapid data valuations
Gulp Data solutions have revolutionized data valuation and monetization, and have been used to identify and generate hundreds of millions of dollars from data assets utilizing advanced machine learning techniques.
By using Gulp Data’s Snowflake Native App, companies have an opportunity to generate financial value from their data assets by helping them understand how much their datasets are worth, how data products can be priced and packaged, how much demand there is with buyers, and how to enrich datasets to increase their value.
“This partnership represents a significant milestone in data asset valuation and monetization. Combining Snowflake’s proven platform capabilities and expansive Data Cloud with Gulp Data’s innovative valuation technology, we are empowering companies to not only understand, but also maximize the financial potential of their data assets,” said Jeremy Bruck, Managing Partner at Gulp Data.
The Snowflake Native App Framework enables developers to build applications using Snowflake’s core functionalities, distribute them globally on Snowflake Marketplace, and deploy them within a customer’s Snowflake account.