Unlocking Data with Care
There’s a business sitting inside your business… a treasure trove of data that may be even more valuable than your core business…. if you know how to access it.
Understanding and unlocking this data takes extraordinary care, but the rewards of cultivating this information may open dynamic new revenue channels, products and services, as well as put your business on an exciting new trajectory.
Ms. Carroll writes: “As new companies have been built and have established a customer base, business leaders are seeing that they have amassed data assets as a byproduct of their core operations.”
She continues, “Is there value in that data that can provide a new source of revenue for the company, or enhance its existing business? As growing companies contemplate this question, there are eight fundamentals of a data business to be considered. These fundamentals start with strategy, then a review of how to develop a data infrastructure and a go-to-market plan.”
Part 1: Strategize
Ms. Carroll points out that, “Determining the data opportunity beyond the core business is the first thing for entrepreneurial leaders to define. A data strategy is not a stand-alone strategy, and it should only be defined once a company has a firm handle on its business strategy. The business strategy and the data strategy must be aligned to ensure successful execution.”
Part 2: Data Structure Fundamentals
What data do you have and how can it be used? The first thing to do is take inventory of the data you have. Based on your strategy, do you have all the data you need, or do you need to acquire some data?
Ms. Carroll walks the reader through eight fundamentals beginning with the Data Structure Fundamentals of how to Utilize, Anonymize, Securitize and Humanize your data.
Part 3: Go-to-Market Plan Fundamentals
She then continues with Go-to-Market Plan Fundamentals for your new found data assets. These fundamentals include Productizing your Data, Democratizing data by sharing it across internal functions, such as product managers, and finally Monetizing your data.
These are just some of the fundamentals inside the white paper.
Elena Carroll is a TechCXO Partner and a leading strategic, product and operational executive within the FinTech and Big Data industries. See her full bio.