Most business and IT leaders will have heard or read about data monetization, that is defined as the process to systematically increasing the economic value of data. Maybe you are uncertain if your company has data monetization potential. Maybe you believe that your data holds an untapped potential of new economic value but you are uncertain about how to start exploiting that? Maybe, you could and should get started but your team or organization lacks the capacity, capability, technology or expertise to succeed quickly.
The best way forward to fast start your data monetization is to make a simple plan with a small team with a clear mandate from a small group of business stakeholders. Don’t waste your time with governance and architecture committees that start meetings and workshops with product teams that collectively will create pages of requirements that will never deliver the success when you need it.
Start your data monetization with your customer in mind. Create a simple, powerful and inspiring image - call it a vision, a picture a future state, how you are going to increase the value you deliver to your customers. Start there and work backwards towards an increasingly detailed plan and roadmap that guides what the team needs to do every week, starting next week.
Most application systems, data taxonomies, knowledge domains and expertise suffers from some level of siloed ness: kept in isolation in a way that hinders communication and cooperation, separated or isolated in a silo. This is often one of the first obstacles to the effective and impactful monetization of your business data. To fulfil the expected value differentiator from the point of view of the customer, data has to be either; integrated, processed by analytics and or enhanced with internal and or external data. Often combinations of these.
You need to understand the business knowledge and value that your data is linked to or could be linked with. We learned that knowledge graph technology is very effective to connect and give meaningful business insights to data without the need to change anything to the underlying architectures and systems. Eventually, this knowledge graph business knowledge layer could evolve to become a company data. However, the initial focus is to unlock and enhance value in a simple process with technology that is easy to apply. The knowledge graph of your business knowledge and data than serves as an excellent communication and collaboration tool that guides the data monetization process and strategy.
Let the role of governance grow as you successfully deliver new value to customers and your business. A better and growing understanding of the value of your data will also improve your organizations focus on data quality and governance. More pull than push. Increasingly with the involvement of multi-disciplinary and cross-functional teams. Each with their own data monetization agenda, plan and roadmap. Self-governing driven by an outside-in customer view of the value and importance of data.
The data monetization process and the knowledge graph technology is still relatively new for many organizations. Use initial success and positive customer feedback to communicate the approach to the organization as a whole. As data rapidly grows to become a primary business asset, companies need to guide, coach, educate and reward employees - leadership included - so that they are willing and able to participate in the data monetization process, strategy and journey.
In our Analytics on-Demand catalog we list a number of specific Data Monetization solutions. We also offer consulting services that help you evaluate your data monetization potential, create a plan and roadmap. Please contact us to discuss.
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