Level: Intermediate to Advanced
Prerequisite: None
Douglas Laney
Innovation Fellow, Data and Analytics Strategy
West Monroe
Investors favor companies that demonstrate data-driven behaviors and, even more so, companies that productize their data. IT and business executives may talk about data as one of their most important assets, but few organizations wield it as one.
Becoming data-driven is more than self-service or advanced analytics. It’s about measurable outcomes, and it starts with identifying innovative, easy-to-generate new value streams from your (and others’) data assets. Fortunately, data has unique economic qualities compared to other assets that enable it to be refined, integrated, packaged, and deployed in infinite ways. Unfortunately, most organizations have no defined process or function for monetizing their data.
In this workshop, Mr. Laney guides attendees through his formal approach to ideation, feasibility assessment, economic analysis, and the design, development, and support of data products and services. Participants will work together to generate and assess real ideas for their own business.
You Will Learn
- How to take advantage of data’s unique economic characteristics
- Techniques for generating innovative ideas for data and analytics
- Whom to involve in these ideation sessions
- How to identify the wants and needs of a full range of potential users, buyers, and stakeholders
- How to adapt data monetization ideas from other industries
- How to consider data products and services augmenting your own data with a variety of external data sources
- How to test ideas on a spectrum of feasibility characteristics
- How to package and price data products and services in different ways
Geared To
- CDOs, CAOs, and other data and analytics leaders
- Business leaders
- Data and enterprise architects
- Digital strategists