How to Monetize Data in Five Steps

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Step Five: Begin with the end in mind

Analytics solutions are living processes, the more changes and additions requested of an analytic solution, the healthier it is and the more valuable it becomes. Conversely, if no one is requesting changes, the solution is likely dead – perhaps because no one is using it. "If you begin with the end user in mind, asking 'Who is going to be using your data?', 'Who is going to benefit from it and how?' the project will be much more successful," says Grover. "Remember that data is not, in itself, a solution, but a tool that enables the solution."

Information is money. A lot of information should mean a lot of money. Unfortunately, most organizations are still struggling with the idea of how to turn data into profit. Everywhere you turn you hear about the benefits of Big Data, how it'll change everything and open a new world of opportunity, yet most companies are sitting on a pile of data they just don't know how to capitalize. So how do you do it?

ICC, the business and IT solutions company that correctly predicted the 2014 Oscars and designs collaboration solutions for today's workforce, has outlined five steps that can help organizations avoid being part of the estimated 70 percent of companies that fail to achieve business value projected from their Big Data initiatives.

"Any major technology initiative by your organization demands a sound strategy aligned with your business goals," says Steve Grover, vice president of Business Analytics at ICC. "It is not simply the latest shiny object to be enjoyed for a while, then, tucked away discreetly when it doesn't fulfill expectations that were never properly defined."

In this slideshow, Grover offers some guidance for IT and line-of-business professionals when looking to extract value from their data initiatives.

 

Related Topics : Business Intelligence Vendors, Data Quality, Data Warehousing, Key Performance Indicators, Knowledge Management

 
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