Intuitively, we all know that data is valuable.
After all, our inboxes and news feeds are cluttered with headlines such as: ‘data is the new oil’. Plus, businesses demonstrating data-savvy behaviour have a ~200% greater market-to-book value than the market average, according to the International Data Corporation.
Yet, whilst most business models have been radically altered by digitalisation (accelerated by the COVID-19 pandemic), many companies lack the in-house experience to truly unlock the value dormant in their data assets.
Some have started the journey, digitalising processes and products to create powerful visualisation tools and business intelligence dashboards.
But few have crossed the ‘digital chasm’ from traditional reporting to advanced analytics and true data monetisation.
In itself, the term ‘data monetisation’ can be misleading, and the inference that simply selling a database to the highest bidder is rarely commercially wise.
Rather, ‘insight monetisation’ might be better, as it infers that – with refinement – the insights derived from data are more valuable than the raw material.
Yet, to get to insights, you need to know which problems you want to solve. Size them. Understand who they belong to. And rapidly assess how your data might offer new insights or enhanced solutions.
We call this Data Discovery.