Realizing Value in your Business’ Data
by Russ Loignon, VP of Market Strategy and Business Development
The term “data transformation” has been used to define the numerous changes and advances in technology that have influenced all of our lives. Today, Artificial Intelligence is just the latest in advances that will allow us to better understand the data that surrounds us and allow us to make better more informed decisions.
Data explosion continues to overwhelm us from what seems to be a never-ending wave of disparate sources. Our inter-connected world allows us to access and funnel data into our decision-making process from sources including social media, Internet of Things, private and public data streams, video, geo-spatial…and the list goes on. As businesses work and look to capture that data, secure and harness that data, they seek to advance their business by having that data work for them to achieve their goals and objects while maintaining a competitive edge.
While speaking with customers, it has become interestingly apparent that they are not stopping with just the rationalization and inclusion of this data into their decision-making process but also looking at the value the new synthesized data may have for their business. Nearly every customer with whom we speak, has recently come to same cross-roads…how can they monetize the new data.
Firms first ask a question…what is my data worth? Understanding the data, having a data strategy and how to unlock the potential of the data becomes the key. It may take some work to turn the various data types and fuse them into meaningful outcomes but there are tools and solutions in the market that can assist. It may also require partnerships and alliances with various data outlets to leverage the derived data as part of the go to market strategy. For example, in retail, social media outlets alliances may be needed in order to maximize customer data and deliver new loyalty programs, targeted marketing/shopping or create new customer profiles. Similar opportunities are exploding across all industry verticals.
As the volume and variety of data continues to rise, so do the opportunities to find value in it. But to identify data monetization opportunities in an informed and results-driven manner, companies must assess the value of enterprise data, determine how best to maximize its potential and figure out how to get the data to the market efficiently.