Leverage your data
As businesses digitally transform their products, services, customer experiences, and operations, one very welcome by-product is new varieties and sources of data. This ever-growing stockpile of data can be used to create a wide range of monetizable data services. A growing number of digital-savvy organizations have embarked on the journey to data monetization by generating new revenue from creating and selling data-driven products, services, and experiences to external customers.
Product Development
What:
This module will help CIOs and other high-level IT leaders assess the opportunity for data monetization, and outline a road map to ensure the needed capabilities, talent and governance are in place. To be successful, the many stakeholders in a data monetization effort need come together and craft a thorough plan to create an effective offering, develop delivery capabilities, and mitigate the risks of data monetization.
Why:
There are many reasons why businesses should assess the potential for data monetization, but key reasons that value is migrating to data include:
- Data-driven customer experiences are the new currency of business.
- Customers expect smarter products that learn, improve, and solve a broader array of problems.
- Digital transformation fuels demand for data across industries and ecosystems.
How:
To develop a data monetization capability and offering initiative, one needs to take the following steps:
- Develop Data Monetization Capabilities
- Consider the Differences in Data Talent
- Develop Data Governance