This IDC PeerScape explores how pioneering enterprises are creating data products to sell externally — also known as data monetization. The data may be sold to aggregators or adjacent industries, or it may be wrapped up in an online data analytics service offered to the existing customer base. The initiative may be led by the chief information officer (CIO) or by the chief data officer in close cooperation with the CIO. Either way, it requires turning raw data into a high-quality product and building a full-fledged, customer-focused business around that data product, including hiring product managers and salespeople.
"The role of the CIO in data commercialization is multifaceted: catalyst, educator, talent recruiter, and builder of a secure data platform," says Mitch Betts, adjunct analyst, IDC's IT Executive Programs (IEP).