We’ve all heard of big tech companies making a profit off of big data, but your organization doesn’t have to be Google or Facebook in order to make its company data work for the benefit of the business. Read on to see how you can monetize this asset.
Alison DeNisco writes, “Companies are gathering more and more data, but many are still struggling to turn that information into business outcomes. In the book Monetizing Your Data: A Guide to Turning Data into Profit-Driving Strategies and Solutions, published last month, analytics experts Andrew Roman Wells and Kathy Williams Chiang explain how enterprises can begin cashing in on their information by using analytics.
“Wells, CEO of management consulting firm Aspirent, and Chiang, vice president of business insights at Wunderman Data Management, have each been practicing analytics for more than 20 years. While Chiang focused more on analytics, and Wells worked with business leaders on strategy, each observed that these two major processes were often disconnected within companies.
“‘Data scientists were churning through data trying to find insights, while the planning people had ideas and went to find the data to justify those ideas, instead of taking a more objective approach,’ Chiang said. ‘We saw the opportunity to marry these two together so they become more synergistic and supportive—bringing objectivity to the planning side, and meaning and purpose to the data side. It shows how the quantitative and qualitative can be connected in the business environment.’
“When they teamed up together for a project at a large hotel company, they found that the combination of their methods made for a new approach that links decision theory, data science, and agile analytics. Their methodology evolved over the course of several subsequent projects, and resulted in the book, Wells said.
“‘The old era of how you gathered requirements and put together analytical solutions for driving business value no longer works in the new era,’ Wells said. ‘You have to change the conversation so that instead of wondering about the question, you’re trying to solve for the decision.’”
Read on for five steps to help your business use its data for greatest impact.