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Pathways to Data Monetization: Business Framework
This is a management narrative on the Pathways to Data Monetization. It is a part of a series of narratives on various business frameworks, many used by global management consulting firms (e.g. McKinsey, Bain, BCG, Deloitte, Accenture, Capgemini, IBM). Each narrative addresses a unique management topic and includes a compilation of additional resources.
We are already in the Data Age. Indeed, today, every organization is fundamentally a data organization. However, only one in every twelve companies is fully monetizing data.
Numerous organizations are already generating growth through the use of data and analytics. Data Monetization is the vehicle for that expansion.
There are two paths an organization can take to achieve data one with an internal focus and one with an external focus. Forward-thinking businesses have already incorporated data monetization strategies into their digital transformation and strategy development efforts.
Internally, our focus is on increasing operational and organizational efficiencies through data-driven improvements to our operations, productivity, and offerings. Additionally, by leveraging customer data, it enables ongoing, tailored dialogue with customers.
The external pathway is focused on distributing our data to Partners and Customers. The objective is to leverage our data in order to generate new revenue streams.
These are not mutually exclusive paths. We can pursue both paths in order to improve both operational and revenue performance.
We are already in the Data Age. Indeed, today, every organization is fundamentally a data organization. However, only one in every twelve companies is fully monetizing data.
Numerous organizations are already generating growth through the use of data and analytics. Data Monetization is the vehicle for that expansion.
There are two paths an organization can take to achieve data one with an internal focus and one with an external focus. Forward-thinking businesses have already incorporated data monetization strategies into their digital transformation and strategy development efforts.
Internally, our focus is on increasing operational and organizational efficiencies through data-driven improvements to our operations, productivity, and offerings. Additionally, by leveraging customer data, it enables ongoing, tailored dialogue with customers.
The external pathway is focused on distributing our data to Partners and Customers. The objective is to leverage our data in order to generate new revenue streams.
These are not mutually exclusive paths. We can pursue both paths in order to improve both operational and revenue performance.
7 pages, Kindle Edition
Published April 27, 2022
2 people want to read
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