Understand the risks and steps required to successfully create and deliver new data-driven products, services, and experiences to external customers.
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As businesses digitally transform their products, services, customer experiences, and operations, one very welcome by-product is new varieties and sources of data. This ever-growing stockpile of data can be used to create a wide range of monetizable data services. A growing number of digital-savvy organizations have embarked on the journey to data monetization by generating new revenue from creating and selling data-driven products, services, and experiences to external customers.
This module will help CIOs and other high-level IT leaders assess the opportunity for data monetization, and outline a road map to ensure the needed capabilities, talent and governance are in place. To be successful, the many stakeholders in a data monetization effort need come together and craft a thorough plan to create an effective offering, develop delivery capabilities, and mitigate the risks of data monetization.
There are many reasons why businesses should assess the potential for data monetization, but key reasons that value is migrating to data include:
To develop a data monetization capability and offering initiative, one needs to take the following steps:
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