Open Data Product standard supports already 7 pricing models
Data is increasingly also becoming an article of trade or commerce and approached with a product mindset. The process and tools to create and publish data commodities in data marketplaces are based on scattered and provider-specific metadata models. Data consumers also find it hard to compare data products and reusable software solutions for example dataops is cumbersome.
The fix is Open Data Product Specification which is a vendor-neutral, open-source machine-readable data product metadata model, which enables interoperability between organizations, data platforms, marketplaces, and tools. The specification is built on experiences gained from over 30 data product cases. The specification can be used by practitioners to increase the speed of designing, testing, implementation, and deployment of data products, and to speed up emerging data markets development.
The specification has been designed with four major aspects of the data product in mind:
technical (infrastructure & access)
business (pricing & plans)
legal (licensing & IPR)
ethical (privacy & mydata)
The four aspects are described in 5 elements, which contain attributes and other elements. Let's have a look at the business aspects of the specification.
7 pricing models
At the heart of data monetization is the plans for how it is presented and sold to customers. Open Data Product standard supports 7 pricing models:
recurring time period based plans
one time payments plans
revenue sharing plans
data volume plan
Pay what you want plans.
The first is well-known subscription model which can be day, week, month or even year based. The second is the classical payment model often used with datasets - pay us once and you get this dataset. The third supports the usage based billing. The fourth plan is value based and provider gets a share of the revenue created with the data product. The fifth plan is useful if amount of data is the basis of your pricing. The sixth option enables you to set minimum and if you want the maximum price as well. This enables flexible pricing in the marketplace based on demand and supply. The last plan leaves the amount of payment up to the consumer. It must be noted that in some cases, the actual pricing plan might be a combination of the offered options.
If you see that something is missing from the options, give us feedback and we put your suggestion to the issue list for the next version of the specification.