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Tuesday, April 27, 2021

Data Monetization / Data as an Asset

A long time area of study for us.   Measuring the value of data in context.

Greasing the Wheels for Data Monetization   by 7wData

Data is a critical asset to business success.” That’s probably the closest thing to a self-evident truth you’re likely to find in today’s ultra-competitive business landscape. We all know how important data is. Those who have more of it, and know how to wield AI and advanced analytics upon it, have a substantial advantage. And yet, businesses face headwinds when trying to monetize their data, particularly outside their company. That’s why, when it comes to data monetization, we are still in the early stages of the game.

Doug Laney has dedicated a portion of his career to finding methods to break down the value behind data. His data valuation journey started after the Twin Towers came tumbling down on 9/11. The loss of life was tragic, but companies also lost enormous amounts of data. Insurance companies claimed that data had no value, hence Laney’s study of “Infonomics” was born.

Twenty years later, after a stint as a Gartner analyst Laney continues to study the nature of data at the business consulting firm West Monroe. He helps clients come up with strategies for managing data like the real asset that it is, and finding ways to use it for competitive advantage.  ... ' 

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