Monetizing Data to Produce Data as an Asset

A topic we followed and experimented with for years.   What has been added now is also the risk of holding data.   Consider risk analysis.   Good piece:

Monetizing Data: Follow the Yellow Brick Road   written by Mark Katz in FinancialTechnologyToday

Once Dorothy and her colleagues made the journey to OZ, they quickly found out that there was no there, there (every now and then, one must throw in some Gertrude Stein).  The Wizard simply told her what she really should have known all along.   That classic is about self-reliance, and the ability to differentiate, understanding the real value of what is already there–and the real range of possibilities.  Dorothy and her companions just had to figure out how to reframe their own perceived shortcomings and recast them as strengths to achieve real transformation.

Firms can undergo the same kind of journey, only to find out that there is indeed no “magic” to solving data monetization challenges.  While the tools have vastly improved, and the power of BI buttressed by AI and Machine Learning has helped greatly with incorporating challenges like unstructured and disparate data (internal and external), that Yellow Brick Road journey still requires cultural and operational steps including empowerment of associated teams.  There is not a lot of room for autocracy in achieving the best results.   Foundational elements work best, and collaboration is a must.   But ultimately, is it worth this kind of upheaval? ..... "