This IDC study helps the many stakeholders in a data monetization effort come together and craft a thorough plan to create an effective offering, develop delivery capabilities, and mitigate the risks of entering the data-as-a-service market. It is important for all the varied stakeholders — from business leaders and product managers to IT professionals and marketers — to realize that this is a very different endeavor from traditional data management. Creating valuable and successful data services requires far more than the IT capabilities that support enterprise data management: This is a new product development process. Data service champions need to think like leaders of information and publishing businesses that view data as commercial assets to be monetized. Modern IT organizations are data factories, with decades of experience in creating and managing data for use in process improvement, supply chain management, business analytics, enhanced decision making, and other applications. However, most CIOs will need to adapt this environment to the new needs of data monetization.
"CIOs need to think about how to enable not just a traditional business, but a data services business," says Marc Strohlein, adjunct analyst with IDC's IT Executive Programs (IEP). "Data monetization is a process that brings together business leaders, sales and marketing, and IT in a fundamentally different way from how they have worked together before," says Lynne Schneider, research director with IDC's Data as a Service program.