The Rise of the Data Economy
Data has been increasing in both volume and value as the digital tide sweeps across the business world. Nonetheless, many organizations have not yet restructured their priorities and approaches to treat data as the crucial, strategic business asset that it is. In order to monetize data for revenue growth, operational efficiencies and competitive advantage, we must understand the nature of both unstructured, structured, and semi-structured data.
In the data science practice, we refer to the “Five V’s” of data:
Volume
Value
Veracity
Velocity
Variety
Understanding the nature of the data across these five attributes is required to monetize Big Data effectively.
Many enterprises have yet to manage their data in such a way that they can glean the most value from it. This is admittedly easier said than done, as it requires an organization to look beyond the mere usefulness of its data and learn to leverage it as an asset that can further their business objectives and deliver the most value to customers and end users.
Why Data Strategy is Key
Good data enables growth and impact when it drives sound, fact- and pattern-based decision-making. On the other hand, data that is not effectively collected, cleaned, and organized will only serve to hinder business objectives, as the reliability of such data is lower. For obvious reasons, any business decisions based on faulty data and insights will be neither sound nor productive.
This brings to light the importance of optimizing your enterprise data, which enables you to generate value from it and use it to drive revenue growth. Because your business ecosystem is generating data constantly at every one of its junctures, it becomes extremely prudent to ensure that this flood of information is filtered so that all data is uniform, centralized, and high-quality.
This type of strategic approach to data comes first from valuing it as a critical business asset, thereby making its quality a high priority.
Getting to the “How” of Good Data
Data optimization can be achieved through a robust, cloud-native analytics apparatus, which helps you filter through duplicate, incomplete, outdated, or corrupt data points via a thorough and often automated migration and warehousing process. Investing in data migration and optimization improves decision-making by removing emotional bias and speculative opinions.
The second key component of this strategy is data monetization. Business intelligence (BI) platforms play a critical role in data monetization, as they streamline data collection, analysis, monitoring, and visualization.
By creating a clear perspective of all the data the company manages, BI can identify trends, enable self-analytics, and use powerful data visualizations to offer real-time analysis and insights. This creates tangible results, whether by creating data and insights that are saleable to interested third parties or by generating actionable data-driven business models that deliver, enhance, or innovate your product or service portfolio.
Through Trianz’ previous data monetization engagements, we have identified important areas to focus on – identifying your unique data collection and transformation capabilities, assessing the data to isolate its inimitable value, and isolating non-core data points that can fill an intelligence gap in the marketplace.
Trianz makes all the data in your organization “consumable” data.
Your enterprise must also assemble the right team to execute data monetization. Bring the entire organization along; skills across many competencies and all areas of ideation, business acumen, and marketing are required for business model integration and success.
The Benefits of Assetized Data
Turning your data into an asset is as much about a mindset shift as it is a technical endeavor. As mentioned above, it requires seeing your data not as a means to an end but as a powerhouse of information upon whose insights every business decision can be based.
In a time when digital technology and the Internet of Things (IoT) are increasing the amount of real-time, relevant, and nuanced consumer information pouring in, this shift in perspective is a huge competitive advantage. It allows you to harness the strength of these vast data sets through proper curation and governance throughout your enterprise’s analytics hierarchy.
In a time when digital technology and the Internet of Things (IoT) are increasing the amount of real-time, relevant, and nuanced consumer information pouring in, this shift in perspective is a huge competitive advantage. It allows you to harness the strength of these vast data sets through proper curation and governance throughout your enterprise’s analytics hierarchy.
Viewing your data as an asset will, therefore, ensure that your team places a high priority on maintaining excellent data quality standards. It will weave data governance into the fabric of your organization, making it a holistic and natural component of the business-IT dynamic.
Industry Leader Investment in Data Governance
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The impact of becoming data-driven will transform every function of your business – product and service development, pricing and marketing, internal processes like supply chain, fraud prevention, and business development.
Like All Assets…
…data needs to be protected. Ironically, although businesses have only been gradually awakening to the reality of the data economy, hackers and other cybercriminals have been aware of data’s high value as a tradeable asset for a long time. Since all kinds of private, valuable customer and user information is encoded in these data points, they need to be secured against threats.
The Internet of Things has made it extremely easy for smart devices to constantly collect data from their users and send it to businesses. However, this information is vulnerable to hacking, as it is constantly pouring in and is not always secured from end to end.
Recent security breaches into credit card companies and other organizations have demonstrated this lack of attention to personal information security. The result of this, naturally, is that customers have quickly lost faith in businesses’ ability to protect their private data from outside threats.
Low levels of security are beginning to be addressed by stricter compliance standards. Regulatory agencies are tightening the rules surrounding data in response to these large-scale breaches, which means that the better your enterprise’s data is, the more compliant it is. Data that is collected and stored according to strong data security guidelines accomplishes two key goals – 1) ensuring your data is asset-quality, while 2) also remaining adherent to compliance standards.
Your Data as Your Launchpad
The intersection of digital transformation, evolving technologies, and societal changes have transformed data into a link between people as well as a product in itself. Taking control of your company’s data is the key to your success in the dynamic digital marketplace. With new business models, data-driven promotions and marketing, access to high-quality, relevant streams of information will give you an edge over the competition.
Ensuring that your data is clean and well-protected will make sure that it finds its way to from the warehouse to the most important people – organization leaders and decision-makers. Armed with good data, thorough analysis, and well-presented insights, your enterprise will be able to propel itself towards achieving greater business impact and beating the competition.
