In our latest edition of The Credera Brief video series, Credera Chief Data Scientist Vincent Yates explains the three pillars in Credera's Monetization Methodology, our framework for helping organizations harness the value of their data.
Capturing the Value of Data
We’ve all heard that data is the new oil; it's thought to be one of the world’s most valuable resources. Despite the overwhelming consensus, our experience working with clients shows us that while data may be the new oil, very few organizations know how to refine it.
Consider the following scenario: Someone in your company could likely tell you everything you wanted to know about something as innocuous as a chair. They could tell you how many chairs you have, when you bought them, what the purchase price was, who used them, and even how many spare wheels or bolts you have for those chairs. Almost every detail of that asset is collected, stored, and maintained.
Can the same be said about your data?
How is it that companies invest so much into cataloging data about chairs, but so little into what is purported to be the world’s most valuable asset?
For most of our clients, it comes down to understanding how they will use their data. While gap regulations make the value of chair data very clear, there are no regulations helping organizations understand, let alone quantify, the value of their data.
This is where Credera’s Monetization Methodology can help.
Credera’s Monetization Methodology
We've codified the hard-earned lessons of how to make money with data and boiled it down to three main pillars:
1. Improve Internal Efficiencies
This first pillar is about getting the right data to the right person at the right moment in time. When done well, it reduces mistakes, increases productivity, and allows your business to scale non-linearly to your staff.
2. Enrich Current Offerings
By leveraging the asymmetry of information, you can gain a competitive advantage through building better products cheaper and faster, only to once again leverage your data for intelligent targeting.
3. Enrich Current Offerings
Lastly, you can monetize your data by licensing or selling it directly to a third party. But even here there's a nuance worth noting. While you can sell the raw data, we never recommend you do. Instead, it is more valuable and builds a much stronger competitive mode if you sell outcomes based on your data. Don't let others stand on your shoulders and ultimately cut you off from your customers.
Once you recognize the three distinct ways to harness your data and create value, it becomes far more natural to start treating your data as the world's most valuable asset.
The Credera Brief
At Credera, we believe the toughest business challenges are best solved by a team—a team who works together to share knowledge to accomplish their goals.
We created The Credera Brief series to distill trends and ideas from Credera leaders and experts. These short-form videos share different insights and perspectives across the topic spectrum from MarTech and innovation to strategy and technology.