Data Is Everybody's Business: The Fundamentals Of Data Monetization By Barbara H. Wixom & Cynthia M. Beath

 

𝗗𝗮𝘁𝗮 𝗜𝘀 𝗘𝘃𝗲𝗿𝘆𝗯𝗼𝗱𝘆'𝘀 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀: 𝗧𝗵𝗲 𝗙𝘂𝗻𝗱𝗮𝗺𝗲𝗻𝘁𝗮𝗹𝘀 𝗢𝗳 𝗗𝗮𝘁𝗮 𝗠𝗼𝗻𝗲𝘁𝗶𝘇𝗮𝘁𝗶𝗼𝗻 𝗕𝘆 𝗕𝗮𝗿𝗯𝗮𝗿𝗮 𝗛. 𝗪𝗶𝘅𝗼𝗺 & 𝗖𝘆𝗻𝘁𝗵𝗶𝗮 𝗠. 𝗕𝗲𝗮𝘁𝗵

Data Is Everybody's Business: -  https://amzn.to/4aDnQJm

15 Important Points From “Data Is Everybody's Business: The Fundamentals Of Data Monetization” By Barbara H. Wixom and Cynthia M. Beath:

 

~ 1. Broad Scope Of Data Monetization: 

Data monetization goes beyond selling data sets. It includes improving operations, enhancing products with data, and selling information insights.

 

~ 2. Three Core Approaches:

— Improving: Utilizing data to enhance efficiency and decision-making within the organization.

— Wrapping: Integrating data into products and services to make them more appealing.

— Selling: Offering data or data-derived insights directly to external customers.

 

~ 3. Organizational Involvement: 

Successful data monetization requires participation from all organizational levels, not just data specialists. This promotes a culture of data literacy and enthusiasm for data-driven opportunities.

 

~ 4. Importance Of Data Literacy: 

Enhancing data literacy across the organization helps in recognizing and seizing data monetization opportunities. Training and education are crucial for this transformation.

 

~ 5. Data Governance: 

Proper data governance is essential for monetizing data effectively. This involves ensuring data quality, security, and accessibility.

 

Data Is Everybody's Business: -  https://amzn.to/4aDnQJm

 

~ 6. Practical Frameworks: 

The book offers frameworks, self-reflection questions, and practical tools to help organizations implement data monetization strategies.

 

~ 7. Case Studies: 

Real-world examples, such as those from Microsoft and PepsiCo, illustrate successful data monetization practices and their impact on business performance.

 

~ 8. Creating Data Assets: 

Organizations should focus on building cohesive data assets that are well managed and ready to be leveraged for various monetization activities.

 

~ 9. Incremental Learning: 

The book advocates for learning through doing. Organizations should start small with data projects and gradually build their capabilities and confidence in data monetization.

 

~ 10. Cultural Shift: 

Emphasizing the need for a cultural shift towards valuing data within the organization. This involves leadership commitment and fostering a data-driven mindset.

 

Data Is Everybody's Business: -  https://amzn.to/4aDnQJm

 

~ 11. Financial Returns: 

Data monetization can result in significant financial returns, including cost savings, increased sales, and new revenue streams.

 

~ 12. Efficiency Gains: 

Using data to improve operational efficiency can lead to significant cost reductions and better resource allocation.

 

~ 13. Innovation: 

Data can drive innovation by enabling the development of new products and services and enhancing existing ones.

 

~ 14. Customer Experience: 

Leveraging data to understand and improve customer experiences is a key component of data monetization strategies.

 

~ 15. Strategic Importance: 

Data monetization should be viewed as a strategic business activity, integral to the overall growth and competitiveness of the organization.

 

These points collectively underscore the book's comprehensive approach to understanding and implementing data monetization in a way that benefits the entire organization.

 

Data Is Everybody's Business: -  https://amzn.to/4aDnQJm

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