These days, the generation, processing, and collection of data in an organization, whether internal or external, is irreversible. According to Fortune, four out of the five most valuable companies in the world in 2016 were built entirely on data-based business models.
Bernard Marr discusses two aspects of data monetization. In his book "Data Strategy", the author explains that profits can be derived from two different paths: one is the data's ability to increase the value of a company itself, and the other is the organization's ability to generate added value from the data (to its product or service) that can be sold to its own customers or third parties.
In this sense, for any type and size of organization, I believe that defining a strategy is the first step to avoid colliding head-on with a ton of stored data, unnecessary investments, and that feeling of lack of direction that suffocates companies and entrepreneurs. Let's summarize the ABC of this aspect of big data that concerns many people.
There are three ways to start monetizing these assets:
1. Inform, improve, and anticipate decision-making.
This is the natural stage for many organizations today. It is the gateway and the best way to gain speed, the genesis of business intelligence projects.
According to a study by Bain & Company, organizations that are mature in this aspect make
decisions up to five times faster than their industry peers. Where do you think you stand today? Do you have access to data at the right moment, systematically? Are they applicable to distribution, logistics, marketing, customers, processes, etc.?
2. Refine and optimize operations by generating data products embedded in your processes.
Everything generates data, whether we record it or not. Nowadays, rethinking the vision of a process can bring us to a new and automatically optimized level of operations. Thinking differently, from the outside and with an innovative data strategy, will allow your organization to enrich its internal processes like never before.
3. Generate new business models.
Viewing your own information as an asset requires a paradigm shift. Organizations with the highest growth rates these days focus SOLELY on data and its ability to consolidate and make it part of their DNA. Even if your company doesn't aim to sell data, owning, analyzing, and comparing it will avoid large sums of money invested in studies and information that is readily available today.
By Minimalistech´s editorial team.
Minimalistech has more than 10 years of experience in providing a wide range of technology solutions based on the latest standards. We have built successful partnerships with several SF Bay Area, top performing companies, enhancing their potential and growth by providing the highest skilled IT engineers to work on their developments and projects.
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