How to Monetize Data in Five Steps

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Step Three: Get the requirements right

There are three critical sub-steps to gathering requirements effectively: First, understand the business questions and the metrics (and associated dimensions) required to answer those questions. Second, prototype and validate that the solution will answer the questions to achieve the benefits.  And third, make sure the data required for the production solution is actually being captured by the source system!

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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