Enabling Data Monetization: Leading with Business Outcomes
To monetize data, you need to understand the business outcomes you want to achieve. The biggest mistake organizations make is leading with technology.
This is a view Integress shares with other experts, such as renowned data and analytics guru Bernard Marr who advises, “While data and analytics are revolutionizing our world and changing the way we live and work, it is the insights that they provide that make them powerful. So, unless you know what business questions you need to answer and what business problem you want to be solved, you shouldn’t start a data project.”
People just assume that analytics leading to data monetization is a pure technology play. They want to start by putting all their information into a data warehouse, which is a time consuming and costly endeavor. A lot of that data you may not need to answer questions for the desired business outcome. And there may be additional data that you may not have. So you want your business questions figured out in advance. Only spend time and money on the data you need and go get the data that you don’t have to answer those questions.
If unsure of what business questions to ask, talk to Integress. Also, be sure to check out the next blog in our series which focuses on the challenge of evolving your analytical curiosity.
- Do not lead with technology
- Know what business outcomes you want to achieve
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.