Fast start your data monetization journey

Business knowledge is the best indicator of your data’s value

Read blog article
>

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. 

Start with a simple plan and a small team

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 with your customers in mind

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.

You need to overcome siloed data

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. 

Start with business knowledge

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.

Guide, coach, educate and reward

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. 

Get in touch to start your data monetization process

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.


9 Steps to succeed with AI/ML

AI/ML driven innovation marks the point where analytics becomes a disruptive capability to businesses


Tableau Analytics using Data Lake in a Week

Willingness to start creating Data Lake and Tableau Analytics takes more time than actual creation. Data Lake can be created virtually with any type of data with 100 to millions of records. Tableau Analytics starts when the first record hits the Data Lake. #DataLake #Tableau #Analytics


We help Hallelujah deliver their clients serious happiness survey analytics

Hallelujah uses a unique and innovative gamified and tactile employee happiness survey that by itself contributes to serious employee happiness. Data2Performance provides Hallelujah all the technical and analytical capabilities they need to deliver their clients all insights from a Clients' Happiness Survey and recommendations to implement sustainable employee happiness improvements.


Upskilling is urgent to avoid risk of skills gap turning into disruption

Companies need better more flexible upskilling solutions to avoid the risk of skills gap on performance and competitiveness #upskilling #agile #ondemand #agileanalytics


Condor Airline improves route network performance

Global passenger flow analytics of the Condor Airlines Route Network and Partner Airlines. Tableau Embedded analytics provides detailed passenger insight by destination, market and airline partner


Five steps to move to continuous performance management

Effective performance management is continuous and agile, enabled by self-service analytics that engages everybody in the organisation every day.


What could your organisation achieve with on-Demand access to advanced analytics?

If our on-demand analytics idea intrigues you, your next question is likely: does that exist? The answer is yes!


Agile Analytics makes you faster and flexible at lower cost

Agile Analytics empowers us with a set of value driven principles and techniques to deliver analytics insights by deploying visual intelligence, advanced algorithm based analytics & machine learning - deep learning models for any real time business need. Agile Analytics is data driven decision making which is flexible enough to accommodate any sudden change in requirement.


Manage data analytics like code

Build trust in your data and continuity in your analytics process. How managing data analytics like code help you create more value from your data faster


Fast start your data monetization journey

Business knowledge is the best indicator of your data’s value


How Excel may cause loss of valuable business knowledge

How the power, ease and popularity of Excel increase the risk that your company loses valuable information.


Key topics of the performance management conversation

Continuous Performance Management is a top priority for many HR Leaders. We wanted to research how people talk about the move to continuous performance management in blogs and social media.



ABOUT ME


Welcome, I am Peter Storm, the founder of Data2Performance. I write about how companies can leverage advanced analytics to move to a continuous performance management system. To be effective in today's dynamic business environment, companies that move to continuous performance management can push their performance culture and productivity to new levels. The primary focus of my writing is how companies can use data, decision and performance intelligence to help their talent and teams increase their performance.