I took notice yesterday of a release by Gartner stating that 30% of businesses will be be monetizing their information assets by 2016. FierceBigData also highlighted in an article covering the statement that only one percent of the world’s data is being analyzed.
The main reason for this monetization is the high cost of storing and managing big data. If your company is one of the 30% that is working to surface and monetize their information, there are a few things to keep in mind:
1. Value Can Translate Many Ways
There are different ways to get value out of information. Would having access to information allow managers to make better and more timely decisions? Would a dashboard that shows which employees are idle in what department allow you to re-deploy resources and cut costs? Or perhaps you could analyze all that hidden data like one Entrance client did, and determine that a small price hike would result in a big profit for the year.
2. Have a Plan for Surfacing Information
Every company has tons of data that could be used in a number of interesting and useful ways. But it can be overwhelming to think about how to get started and make sure it is surfaced in the right way for the right people. There are four steps you can follow to get started with this process:
- Determine stakeholder needs
- Set decision gates
- Aggregate associated information
- Surface relevant information
Click to expand to expand the image above for more explanation of each of these points.
3. Don’t Let Lack of Expertise Hold Back Implementation
Gartner reported that one reason many companies don’t move forward with deploying advanced analytics and data management is lack of expertise. But don’t let this stop your company from getting value out of your information! A trusted partner like Entrance can bring expertise to the table and smooth the way to implementation.