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The 3 ways organisations use data to drive value
Craig explains the three ways organisations can use data to drive value.
This course is all about driving value from data. Through experience and conversation, three main areas of value have emerged.
Number one: improved decision making, this is when you use data to validate your assumptions or to identify any blind spots you may have.
Number two improved operations: where you use data to identify where processes can be optimized, to change your operating model and to make real time interventions to drive better outcomes.
Finally number three: monetization of data were you package up and sell your data to others. All of the organizations that we’ve met big and small and across multiple industries, have all found something in one of these three areas where they can see an opportunity for improvement. Of the three, people often gravitate towards monetization of data, as they visualize this as a big bag of money sitting under the table, easily ready to tap into, sadly, it’s not that easy. So it’s usually improved decision making or improved operations, where the majority of people start. So lets dive a bit deeper and a bit color to these definitions, for three ways that organizations use data to try value.
So, what do we mean by value and how confident are you talking about driving value as opposed to just talking about the data itself? Here are the 3 areas where I see organisations driving value.
Through conversation and experience, 3 main areas of value have emerged:
- Improving decision making: where you use data to validate your assumptions and to identify blind spots you might have.
- Improving operations: where you use data to identify where your processes can be optimised, to change your operating model and to make real-time interventions to drive better outcomes.
- Monetisation of data: where you package up and sell your data to others, either directly or via an agreed interface.
As I hope you are beginning to see, there is a big difference between having data and driving value from data.
This article is from the online course:
Introduction to Data for Business Leaders
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