Our Eurostaff Expert and CEO at datazuum Samir Sharma gives us his thoughts on data strategy, infrastructure, integration, governance, and culture, which he believes will impact organisations in 2018. Last year was the year of technology but Samir feels that in 2018 the key trends will be more strategic in nature than technical.
Today Samir gives his fifth and final prediction!
Data Prediction #5: Data monetisation strategies kick into gear
Often overlooked and misunderstood or thought of as something rather sinister. You need to rethink this in 2018, as monetisation of data will lead to the creation of new data products internally and externally, providing new revenue streams which companies may not have considered. In 2017, I spoke at conferences, about this topic and how organisations need to think about their data as one of the most valuable assets. Don’t you want to start increasing the value of your business through leveraging your data and monetising it? Most of the top companies such as Google, Facebook, Uber etc. are all doing this creating value for their customers and partners. The data sharing economy is something to look out for in 2018. But going back to the basics if you aren’t a Google or a Facebook, what can you do to start implementing data monetisation strategies?
My top four data monetisation pointers for you are:
1) Understand the key pains addressed by your data or possible analytics products you could provide to your supply chain – consumers, partners, suppliers etc. (internal and external).
2) Create an inventory of your data – where is it? Who owns it? How unique is it? Is it granular enough? is it reliable i.e. good data quality? etc.
3) Make sure you think about the relevant security / privacy / regulatory rules before using it for commercialisation purposes as you don’t want to be fined big money.
4) Ensure you look at processes, skills and the culture of your organisation as data monetisation doesn’t just happen by giving people tools and data. 2018 needs to be the year of a sound data monetization strategy, where your organisation is committed to getting their data in order and making the right investments to support revenue goals.
That wraps up my views of the data trends and outlook for 2018. Organisations are still struggling with their data, getting value from it, monetising it, and generating new products and services from it. How will you succeed with your data in 2018?