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“If we can unlock the value of all our data, we will have a wholly new revenue stream”. Not a given.


http://blogs.hbr.org/2013/09/stop-assuming-your-data-will-bring-you-riches/#!

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“We have a treasure trove of data, it’s highly valuable”.

“If we can unlock the value of all our data, we will have a wholly new revenue stream”.

“Hedge Funds will love our data — they will practically buy any set of data that might give them a potential edge”.

These are just a sample of thoughts from clients in recent months who were excited about the prospect of creating new businesses and new sources of revenue in what seems to be a lucrative new area. Big Data. Analytics. Content Innovation.

Here are four steps your organization can take in order to understand the value of your data, and to plan for potential monetization:    

Clarify whether it’s really your data

Understand who would value it, why, and how much

Frame up realistic aspirations for monetization

Test, learn, and tweak

In following this overall process above, you can clarify what data you own, and how valuable it is (and to whom). You can frame up realistic aspirations for monetizing your data, and you can prove your right to succeed by testing (and overcoming) areas of potential failure. You can therefore move from an unsubstantiated assumption about the value of your data, to a more informed understanding of its worth in terms of its use to current and prospective customers, its standalone commercialization potential, and its potential to enhance your current business.

Stashed in: Monetization

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