Enabling Data Monetization: Maturing Your Analytical Curiosity
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. The most important part of monetization is to figure out what it would look like in your organization. What are the questions where data analysis would provide insights into marketing or product or performance effectiveness? What information do you want at the end of a project to recognize true business benefits? Only then worry about technology.
One client, a publicly-held mid-sized company, wasn’t asking itself basic questions like which sales region is the best and why? Which office and facility operates best and why? By moving its staff to start asking those questions can pay tremendous dividends. Thought trains go on to ask more questions and any one of them could lead to increasing revenue or improving their cost to do business.
Mentoring clients to help grow their analytical curiosity is an integral part of Integress’ services. Be sure to check out the next blog in our series which focuses on defining terminology within your organization.
- Start asking basic business questions and mature analytical curiosity from there.
- Prioritize questions you need answered to set or align with business objectives.
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.