Monetizing Data: The ROI on Analytics
The Vision to Value (V2V) community has just released a new Best Practices report titled “Monetizing Data: Identifying and Capturing the ROI on Analytics.”
The report was co-created from the contributions of 17 Canadian analytics experts to deliver a practical and compelling guide to capturing returns on data and analytics driven initiatives. It contains insight and guidance to improve the practice of analytics and harness and monetize the value of data. The report is structured in three sections.
The first section, “Identifying the sources of data value,” explores four scenarios for monetizing data: use of data to inform immediate/direct/tactical actions, use of data to improve processes, control costs and/or drive efficiency and productivity, use of data to inform strategic/corporate decisions, and direct data monetization – models for selling data directly, or analytics products/services based on data.
The second section, “data monetization best practices,” provides both a building-block and a process view of how organizations can extract tangible value from data.
The third section, “metrics used to evaluate data monetization,” identifies four types of metrics which can be used to quantify the return on analytics and examines the challenges associated with formulating the ‘right question’ and securing the “right data” to support a credible outcome.
Use code SALTV2V3Monet to download and access the report.
ABOUT THE PUBLICATION
Author: Michael O’Neil, InsightaaS
This best practice report was assembled through the contributions of 17 V2V community members in two parallel working group teleconferences. Members were asked to share their insights and perspectives on where an organization looks to find ROI on analytics; best practices in realizing optimal returns from data monetization initiatives; guidelines for establishing reasonable payback expectations and timeframes for data monetization initiatives and the metrics used to establish progress and success; and ‘words of wisdom’ believed helpful to readers of this report.