Many organizations don’t have clear definitions of what terms mean and how to use them. Everyone understands the implications of terms like “attrition rate,” “customer acquisition cost” and “customer lifetime value,” but how are they calculated?
In many organizations looking to monetize data, people don’t know how to ask business questions. They need to start maturing their analytical curiosity and capabilities as a company.
To monetize data, you need to understand the business outcomes you want to achieve. The biggest mistake organizations make is leading with technology.