“If we can unlock the value of all our data, we will have a wholly new revenue stream”.
“Hedge Funds will love our data — they will practically buy any set of data that might give them a potential edge”.
These are just a sample of thoughts from clients in recent months who were excited about the prospect of creating new businesses and new sources of revenue in what seems to be a lucrative new area. Big Data. Analytics. Content Innovation. In some cases, they’re right. But then again, in a surprising number of cases, they aren’t. The opportunity, which seemed immense on the outset, turned out to be disappointingly smaller after a thorough evaluation. Fortunately, the organizations that took the effort to truly understand the value of their data were able to execute appropriately. Very importantly, they were able to avoid costly technology and implementation programs that would have surely fell short of usage and revenue expectations.
Here are four steps your organization can take in order to understand the value of your data, and to plan for potential monetization: