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Data as a Profit Driver – Emerging Techniques to Monetize Data as a Strategic Asset

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The Digital Economy is changing the way organizations do business across the globe, and is set to transform the economy on an unprecedented scale. Business optimization, and entirely new business models are emerging as data-driven technology provides unprecedented opportunity for innovation and change.  In many organizations, data not only supports business profitability, but data itself has become the critical business asset.

What does it mean to leverage data as a business asset?  And how can today’s data-centric technologies support the data-driven revolution?  Join our expert panelists as they discuss the latest innovations in the data landscape.

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Data as a Profit Driver – Emerging Techniques to Monetize Data as a Strategic Asset

  1. 1. Data as a Profit Driver – Emerging Techniques to Monetize Data as a Strategic Asset Donna Burbank, Managing Director Global Data Strategy, Ltd. July 26th, 2018 Follow on Twitter @donnaburbank Twitter Event hashtag: #DAStrategies
  2. 2. Global Data Strategy, Ltd. 2018 Donna Burbank Donna is a recognised industry expert in information management with over 20 years of experience in data strategy, information management, data modeling, metadata management, and enterprise architecture. Her background is multi-faceted across consulting, product development, product management, brand strategy, marketing, and business leadership. She is currently the Managing Director at Global Data Strategy, Ltd., an international information management consulting company that specializes in the alignment of business drivers with data-centric technology. In past roles, she has served in key brand strategy and product management roles at CA Technologies and Embarcadero Technologies for several of the leading data management products in the market. As an active contributor to the data management community, she is a long time DAMA International member, Past President and Advisor to the DAMA Rocky Mountain chapter, and was recently awarded the Excellence in Data Management Award from DAMA International in 2016. Donna is also an analyst at the Boulder BI Train Trust (BBBT) where she provides advice and gains insight on the latest BI and Analytics software in the market. She was on several review committees for the Object Management Group’s for key information management and process modeling notations. She has worked with dozens of Fortune 500 companies worldwide in the Americas, Europe, Asia, and Africa and speaks regularly at industry conferences. She has co- authored two books: Data Modeling for the Business and Data Modeling Made Simple with ERwin Data Modeler and is a regular contributor to industry publications. She can be reached at donna.burbank@globaldatastrategy.com Donna is based in Boulder, Colorado, USA. 2 Follow on Twitter @donnaburbank Twitter Event hashtag: #DAStrategies
  3. 3. Global Data Strategy, Ltd. 2018 DATAVERSITY Data Architecture Strategies • January - on demand Panel: Emerging Trends in Data Architecture – What’s the Next Big Thing? • February - on demand Building an Enterprise Data Strategy – Where to Start? • March - on demand Modern Metadata Strategies • April - on demand The Rise of the Graph Database • May - on demand Data Architecture Best Practices for Today’s Rapidly Changing Data Landscape • June - on demand Artificial Intelligence: Real-World Applications for Your Organization • July Data as a Profit Driver – Emerging Techniques to Monetize Data as a Strategic Asset • August Data Lake Architecture – Modern Strategies & Approaches • Sept Master Data Management: Practical Strategies for Integrating into Your Data Architecture • October Business-Centric Data Modeling: Strategies for Maximizing Business Benefit • December Panel: Self-Service Reporting and Data Prep – Benefits & Risks 3 This Year’s Line Up for 2018
  4. 4. Global Data Strategy, Ltd. 2018 Today’s Topic 4 Data as a Profit Driver • The Digital Economy is changing the way organizations do business across the globe, and is set to transform the economy on an unprecedented scale. • Business optimization, and entirely new business models are emerging as data-driven technology provides unprecedented opportunity for innovation and change. • In many organizations, data not only supports business profitability, but data itself has become the critical business asset. • What does it mean to leverage data as a business asset? And how can today’s data-centric technologies support the data-driven revolution?
  5. 5. Global Data Strategy, Ltd. 2018 What is Data Monetization? 5 Data Monetization refers to using data for quantifiable economic benefit. This can include indirect methods such as: • measurable business performance improvements • beneficial terms or conditions from business partners • information bartering, productizing information (i.e., new information-based offerings) • “informationalizing” products (i.e., including information as a value-add component of an existing offering) • or selling data outright (via a data broker or independently). - Gartner IT Glossary
  6. 6. Global Data Strategy, Ltd. 2018 Data Monetization Improvements to Core Business There are several ways to optimize growth through data New Business ModelsNew Products and Services • Optimize Revenue • Improved marketing campaigns • Customer Segmentation • Pricing Optimization • Etc. • Minimize Costs • Staff & Operational Efficiency • Supply Chain Optimization • Reduce Risk • Regulatory Compliance • Audit & Litigation Risk • Smart City Initiatives: IoT Monetization, Footfall Analytics, etc. • Peer to Peer Ride Sharing: e.g. Uber, Lyft, etc. are all based on data • Social Networking Sites: Facebook, Linkedin, etc. are all based on data relationships. • …and more • Embedded Analytics Products: Selling analytical tools key customer for industry benchmarking, etc. • Smart Metering: Allowing customers to optimize their own energy usage through value-added services. • Revenue from Data Sets: Who may have use for your data for other purposes? Weather, transportation, etc. • …and more….
  7. 7. Global Data Strategy, Ltd. 2018 Data Monetization Improvements to Core Business There are several ways to optimize growth through data New Business ModelsNew Products and Services • Optimize Revenue • Improved marketing campaigns • Customer Segmentation • Pricing Optimization • Etc. • Minimize Costs • Staff & Operational Efficiency • Supply Chain Optimization • Reduce Risk • Regulatory Compliance • Audit & Litigation Risk • Smart City Initiatives: IoT Monetization, Footfall Analytics, etc. • Peer to Peer Ride Sharing: e.g. Uber, Lyft, etc. are all based on data • Social Networking Sites: Facebook, Linkedin, etc. are all based on data relationships. • …and more • Embedded Analytics Products: Selling analytical tools key customer for industry benchmarking, etc. • Smart Metering: Allowing customers to optimize their own energy usage through value-added services. • Revenue from Data Sets: Who may have use for your data for other purposes? Weather, transportation, etc. • …and more….
  8. 8. Global Data Strategy, Ltd. 2018 Improvements to Core Business • It is critical to continually show the value of any data-centric initiative. • We often get so tied up in the project itself, we forget to show (& market) the value. • For any data project, think of how you are improving the business in several key areas: • Minimizing Costs • Optimizing Revenue • Reducing Risk 8 Making the Business Case Part of your job is Marketing! • Consider your audience (e.g. management). • Which of these factors is most important to them?
  9. 9. Global Data Strategy, Ltd. 2018 Making the Business Case • Minimizing Costs – this is often the easiest to show • Reduction in Wasted Labor Costs: How much human capital is wasted due to poor data quality, lack of data access, redundant data efforts, etc.? • E.g. Mary spends 10 hours per week cleaning data before each marketing campaign. • Calculate Mary’s hourly rate x # hours per week x # weeks -> $50/hr x 10 x 46 = $23,000 per year • Improving Inefficient Business Processes: Can Supply Chain be made more efficient with a standardized set of material master data? • E.g. Efficiency gains of 2% can be achieved resulting in $X of savings. • Cost Avoidance: Would improving address data quality reduce the number of returned mailings? • E.g. Cost of each mailing x # returned x # times per year. -> $1 per mailing x 500 returned per week x 50 weeks of mailing = $25,000 per year 9 Minimizing Costs Minimizing Costs
  10. 10. Global Data Strategy, Ltd. 2018 Making the Business Case • Optimizing Revenue – How can better data improve business efficiency and profitability? • Reduction in Costs or Inefficiencies: In some cases the benefits are simply the removal of the costs and inefficiencies from the previous slide. • Improved Business Performance: But more interesting is the ways data can be used to improve business effectiveness: • Marketing Campaigns: Improved contact data (email, address, etc.) can improve marketing, but what new data sources can be used? Social Media? Weather Data? Other? • Advanced Analytics: How can analytics be used to improve the business, e.g. Price Optimization, Customer Segmentation, etc. • New Data-Driven Applications: How can data and new data-driven technologies (e.g. AI) be used to improve the business, e.g.) • Chat Bots: To streamline customer service • Recommendation Engines: To enhance the sales cycle. • New Revenue Streams: Can data be used for new revenue streams, e.g. • Grant Funding: Data-driven analysis is often a key aspect of grant writing. • Leveraging IP: Is there data that your company owns that can be monetized for research, marketing, etc.? 10 Optimizing Revenue Optimizing Revenue
  11. 11. Global Data Strategy, Ltd. 2018 Making the Business Case • Reducing Risk – Risk avoidance is a key aspect of any business. How can data and governance be used to minimize risk? • Regulation: Industry regulations drive many data governance efforts including GDPR, HIPAA, BCBS 239, Spice, HIPAA, etc, etc. • Product Traceability: Many food producers offer data-driven lineage showing the source of their food materials (e.g. fish catch). • Health and Safety: Ensuring the health and safety of both customers and employees is critical. • Employee: Data driven applications can help monitor employee health and safety activities (e.g. speeding). • Customer: Is nutritional or allergen information correctly shown on menus? Does this information link to the actual food source in the supply chain? • Audit & Fines: Which industry regulations result in audit or fines? Has the organization been fined in the past? Can this be quantified? • Litigation: Has litigation occurred in the past due to data errors? What were the monetary sums? 11 Reducing Risk Reducing Risk
  12. 12. Global Data Strategy, Ltd. 2018 Improvements to Core Business • It’s often beneficial to turn your “back of the envelope” calculations into a formal financial projection. • Benefits • One time: e.g. sale of a data set, research grant, etc. • Recurring: e.g. staff productivity, ongoing revenue, reduction in ongoing costs, etc. • Costs: • One time: e.g. software or hardware purchase, initial training costs, etc. • Recurring: e.g. Software subscription or maintenance, staff salary, etc. • Consider Capital Expenditure (Capex) vs. Operational Expenditure (Opex) • E.g. Cloud subscriptions can generally be considered Opex. • Speak with Finance to see what is beneficial to them – they often have unique priorities per industry. 12 Making the Business Case Part of your job is Finance!
  13. 13. Global Data Strategy, Ltd. 2018 Calculate a Realistic “Break Even” Point • Often, there is a period of “ramp up” time where initial costs are greater than the overall benefits. • Software costs • Training or Consulting Costs • Initial loss of productivity as: • Business processes are optimized • Technical teams get up to speed • It’s helpful to calculate a “break even” point where the initiative begins to show value. 13 Net-positive benefits may not happen immediately Net positive value Initial costs “Break even” point
  14. 14. Global Data Strategy, Ltd. 2018 Measuring Data Improvements • Data Quality KPIs & Measures can aligned with concrete business drivers • Helps prioritize efforts • Basis for showing benefits and results • For example, if we ensure that email address are 100% complete and 90% accurate, our marketing campaign effectiveness can increase by 20%. 14 Aligning Data Quality Metrics with Business Improvements KPI Current Target Status Business Benefits Type Number of duplicate customer records 2,000,000 1,000 • Correct # of customers for sales estimations • Better single view of customer for integrated social media campaign • Reduce cost of physical mailing by $20K • Cost savings • Brand Reputation • Marketing Innovation Incorrect Salutation (Mr, Ms, etc.) 5,000 1,000 •Customer satisfaction & Brand reputation harmed by incorrect salutation. •Targeted marketing campaigns by gender. • Brand Reputation • Campaign Effectiveness Incorrect address/location 10,000 500 • Lower return rate on physical mailings • Better targeted marketing by region. • Cost Savings • Campaign Effectiveness Missing Sales Rep Assigned 500 100 • Ability for Sales to execute on customer leads • Revenue growth • Sales Effectiveness Etc. Business Driver: Improving Customer Data for Marketing Launch Campaign
  15. 15. Global Data Strategy, Ltd. 2018 Over $800M from Data Quality Improvement 15 • BT Group plc - a British multinational telecommunications holding company which had the following challenges: • Business Agility to deliver new products and services • Regulatory Compliance to meet industry demands in a heavily-regulated industry • Customer Satisfaction through positive customer interaction. • Unfortunately, these efforts were being hampered by poor data quality: • Poor Supplier & Customer data hampered self-service interactions • Inaccurate inventory led to increased capital expenditure • Billing errors caused customer dissatisfaction • To improve Data Quality, BT embarked on an enterprise-wide data improvement journey which included both technology and culture change. The Challenge • As a result, BT achieved in aggregate more than $800 million in quantified benefits including: • Capital Cost Avoidance: Through improving accuracy of inventory data, BT optimized equipment inventory and reduced inventory costs. • Improved Revenue Assurance: By improving Billing Data accuracy, revenue loss decreased from more than 15% to less than 1%. • Productivity Gains in B2B Processes: By resolving data quality issues, BT was able to automate customer and supplier interactions, and reduce cycle times and manual effort. The Result A Focus on Data Quality Yields Big Benefits for BT 1 1 Gartner, Publication Number G00138085, 24 March 2006
  16. 16. Global Data Strategy, Ltd. 2018 Data Monetization Improvements to Core Business There are several ways to optimize growth through data New Business ModelsNew Products and Services • Optimize Revenue • Improved marketing campaigns • Customer Segmentation • Pricing Optimization • Etc. • Minimize Costs • Staff & Operational Efficiency • Supply Chain Optimization • Reduce Risk • Regulatory Compliance • Audit & Litigation Risk • Smart City Initiatives: IoT Monetization, Footfall Analytics, etc. • Peer to Peer Ride Sharing: e.g. Uber, Lyft, etc. are all based on data • Social Networking Sites: Facebook, Linkedin, etc. are all based on data relationships. • …and more • Embedded Analytics Products: Selling analytical tools key customer for industry benchmarking, etc. • Smart Metering: Allowing customers to optimize their own energy usage through value-added services. • Revenue from Data Sets: Who may have use for your data for other purposes? Weather, transportation, etc. • …and more….
  17. 17. Global Data Strategy, Ltd. 2018 New Products & Services • There are a large number of ways that new products and services can be created based on data. The options will be unique to your company, but some examples include: • Embedded Analytics Products: Selling analytical tools key customer for industry benchmarking, etc. • Customer usage patterns: For large customers, showing purchasing across sites to help optimize their business. Comparing with industry benchmarks, etc. • Smart Metering: Allowing customers to optimize their own energy usage through value-added services. • Revenue from Data Sets: Who may have use for your data for other purposes? Weather, transportation, etc. • A meteorology company selling weather data to retailers, engineering companies, etc • Nonprofit selling anonymized demographic data to universities for research • A shipping company has road geolocation data for rural areas – sold to manufacturing and delivery companies in similar regions. • Etc. – what data do you have that could be interesting/profitable to others? 17 Using Data for Strategic Advantage
  18. 18. Global Data Strategy, Ltd. 2018 Data-Driven Success: UK Consumer Energy Company • While this UK-based consumer energy has been a leader in consumer energy for over 100 years, it knew it had to implement data-driven digital transformation in order to remain a market leader: • Decreasing product usage prompted need to diversify capabilities • Digital-savvy consumers demanding a new way of interacting • Issues with efficiency in core capabilities such as billing and customer support due to data quality issues. • To support both current and future business models, the organization implemented a Data Strategy initiative: • Data Architecture to identify critical data elements • Data Governance to orchestrate data efforts • Data Quality to cleanse and enrich core customer data. • Data Platform Scalability to support traditional and new data sources (e.g. IoT) The Challenge • Strengthening of Traditional Business Model: Better quality customer data improved: • Customer Billing & Payment • Technical Support Efficiency • Customer Satisfaction • Transformation to New Digital Business Models: New Consumer Business Models through • Smart Metering • Smart Home Products • New Consumer Services for Energy Management • Voice-activated Account Management The Result Transition to a Data-driven Digital Organization
  19. 19. Global Data Strategy, Ltd. 2018 International Telecom Company • An international telecom company was looking to leverage data as a corporate asset. • Data is seen as their most strategic asset and corporate focus • Telecommunications is a secondary goal – becoming a commodity • While data was used to improve their core business • New Product & Service Development: Data is Anonymized & sent to digital arm for new product and development. Data-driven prototyping – using analytics to see what products are working best and used most • Operational Performance & Maintenance: Network Optimization, Integrating call failure information and location information with survey data. • Etc. • The larger opportunity was new data monetization opportunities, e.g. • Geospatial data and Footfall Analytics: Resell/leverage anonymized data for: • Retail: how are consumers navigating store layouts? • City Planners: What are pedestrian traffic patterns at rush hour? • Internally: How are employees travelling between buildings? Do we need a new lunch room? Business Transformation to “Becoming a Data Company”
  20. 20. Global Data Strategy, Ltd. 2018 Data Monetization Improvements to Core Business There are several ways to optimize growth through data New Business ModelsNew Products and Services • Optimize Revenue • Improved marketing campaigns • Customer Segmentation • Pricing Optimization • Etc. • Minimize Costs • Staff & Operational Efficiency • Supply Chain Optimization • Reduce Risk • Regulatory Compliance • Audit & Litigation Risk • Smart City Initiatives: IoT Monetization, Footfall Analytics, etc. • Peer to Peer Ride Sharing: e.g. Uber, Lyft, etc. are all based on data • Social Networking Sites: Facebook, Linkedin, etc. are all based on data relationships. • …and more • Embedded Analytics Products: Selling analytical tools key customer for industry benchmarking, etc. • Smart Metering: Allowing customers to optimize their own energy usage through value-added services. • Revenue from Data Sets: Who may have use for your data for other purposes? Weather, transportation, etc. • …and more….
  21. 21. Global Data Strategy, Ltd. 2018 New Business Models • Perhaps the most exciting monetization opportunities are completely new ways of doing business that are now possible using data or unique combinations of data. • Smart City Initiatives: • IoT – e.g. Smart Parking systems – find available parking via your smart phone • Footfall Analytics – understand pedestrian traffic patterns. • Peer to Peer Ride Sharing: e.g. Uber, Lyft, etc. are all based on data • Social Networking Sites: Facebook, Linkedin, etc. are all based on data relationships. • Smart Buildings: Embedded sensors help detect materials failure. • Smart Farming: IoT, connected devices, etc. • …and more 21 New ways of doing business as a result of data
  22. 22. Global Data Strategy, Ltd. 2018 New Business Models • Ridesharing companies like Uber and Lyft were able to disrupt the traditional taxi industry through creative integration and usage of data. 22 Peer to Peer Ride Sharing – disrupting the transportation industry GPS Data – tracking drivers and riders Airline arrival data– to predict user volume & set pricing. Algorithms – Setting pricing, matching drivers, etc. User Rating System – Crowdsourced feedback loop. Etc…– and more... Data is their business…
  23. 23. Global Data Strategy, Ltd. 2018 Today’s Business Environment is Ripe for the Business-Savvy Data Professional • In the current environment of data-driven business, Data Professionals have an opportunity to have a “seat at the table” • Finding new opportunities to leverage data for business benefit • Creating efficiencies & business process optimization • Integrating data from disparate sources for new business insights • Supporting organizational change 23
  24. 24. Global Data Strategy, Ltd. 2018 Summary • The Data-Driven Digital Economy is changing the way organizations do business across the globe. To stay competitive, strategic use of a data is a must. • Significant gains can be made in improving core business through: • Reducing costs • Increasing revenue • Minimizing Risks • New products and services can augment core business operations with new revenue streams. • Innovative new business models can be realized by leveraging data. It’s no surprise that some of the most successful companies in the world today are driven by data.
  25. 25. Global Data Strategy, Ltd. 2018 About Global Data Strategy, Ltd. • Global Data Strategy is an international information management consulting company that specializes in the alignment of business drivers with data-centric technology. • Our passion is data, and helping organizations enrich their business opportunities through data and information. • Our core values center around providing solutions that are: • Business-Driven: We put the needs of your business first, before we look at any technological solution. • Clear & Relevant: We provide clear explanations using real-world examples, not technical jargon. • Customized & Right-Sized: Our implementations are based on the unique needs of your organization’s size, corporate culture, and geography. • High Quality & Technically Precise: We pride ourselves in excellence of execution, and we attract high- quality professionals with years of technical expertise in the industry. 25 Data-Driven Business Transformation Business Strategy Aligned With Data Strategy www.globaldatastrategy.com
  26. 26. Global Data Strategy, Ltd. 2018 DATAVERSITY Data Architecture Strategies • January - on demand Panel: Emerging Trends in Data Architecture – What’s the Next Big Thing? • February - on demand Building an Enterprise Data Strategy – Where to Start? • March - on demand Modern Metadata Strategies • April - on demand The Rise of the Graph Database: Practical Use Cases & Approaches to Benefit your Business • May - on demand Data Architecture Best Practices for Today’s Rapidly Changing Data Landscape • June –on demand Artificial Intelligence: Real-World Applications for Your Organization • July – soon on demand Data as a Profit Driver – Emerging Techniques to Monetize Data as a Strategic Asset • August Data Lake Architecture – Modern Strategies & Approaches • Sept Master Data Management: Practical Strategies for Integrating into Your Data Architecture • October Business-Centric Data Modeling: Strategies for Maximizing Business Benefit • December Panel: Self-Service Reporting and Data Prep – Benefits & Risks 26 This Year’s Line Up for 2018 – Join Us Next Month
  27. 27. Global Data Strategy, Ltd. 2018 Questions? 27 Thoughts? Ideas?

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