Enabling Data Monetization: Approaching Technology the Right Way
Organizations can spend so much time just to collect and prepare data that they haven’t time to do anything with the information. Part of the problem is overambitious goals. People think all they have to do is build a data warehouse. Such projects are expensive, take a very long time and usually fail. There are too many assumptions that need to be factored and it’s almost impossible to physically validate all the assumptions. The smarter approach is to go with smaller chunks of work and technology, validate fewer assumptions, start building only the needed analytical data stores, and be able to move quickly on a first project that answers the highest priority business questions.
A client had information spread across many different systems. There was a new executive team who couldn’t get answers to basic business questions. While working with the executive team on the decisions they wanted to make, the questions they wanted answered, and prioritizing a strategic roadmap, we worked with their technical team in parallel to assess their data environment. This helped to accelerate a quick win (Quick Value Service) on the highest business priority, deliver an early return on investment, and jumpstart their longer-term roadmap.
- Refrain from overambitious goals to reduce time, cost and risk
- Build capabilities and accelerate ROI with smaller projects aligned with business priorities
Address additional tips to better prepare for successful projects by downloading our FREE whitepaper, Enabling Data Monetization: A Playbook for Handling Common Challenges.
The term “data monetization” was first associated almost exclusively with selling and trading data to attract and enrich partner relationships. Recent innovations like master data management, modern BI tools, and advanced analytics, provided organizations with new ways to monetize enterprise data to increase revenue and profit, improve operational efficiency, and realize new revenue streams.