I recently facilitated a roundtable with senior executives where we discussed how companies can leverage Data Monetization initiatives to help meet strategic goals and move IT (and data) to be a strategic asset and profit center. The following is a recap of our discussions…
Dave Taddei will lead a roundtable discussion, “Data Monetization: Driving Real Business Outcomes,” with members of the Society for Information Management (SIM) ELIT on March 16, 2018 at Caffe Aldo Lamberti in Cherry Hill NJ.
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.
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.
We’ve noticed an uncomfortable trend among CIOs we meet here on LinkedIn and elsewhere. Often these talented professionals appear to be C-Suite by title only, unnecessarily (and we think shortsightedly) excluded from the types of strategy discussions indicative of an executive with a title that begins with a capital “C.”