How Shared Data Can Help Companies to Better Understand Their CustomersJune 4, 2020
As the global economic system struggles with the consequences of the health emergency linked to the COVID-19 pandemic, most companies are developing plans for the next stage of recovery and new growth.
Even those organizations that have lagged behind in the adoption of digital technologies are realizing that without a data strategy, it will be difficult to restart stronger than before. During this phase, a data-centric vision is more indispensable than ever. We are heading toward a restructuring of many aspects of our social and economic life that will make new demands on our businesses from organizational and logistical standpoints.
Consequently, understanding the contents of your database and pooling that information with a cross-sectoral perspective could soon become a vital lifeline for the market, as well as for individual players. Leveraging data so that businesses can read and interpret current trends and intentions, as well as enable companies to make predictions and generate insights, will become the key to competitive advantage.
However, for data monetization to be effective and valuable, company data must have four key characteristics:
- The data must be shared within the same company even before it is made available to the outside world and not be locked in silos
- It is essential that the data is connected, in other words, that individual pieces of data can “communicate” with one another and are easily accessible
- More than anything, the data has to be autonomous, capable of automatically generating value thanks to structural management and analysis systems and robotic process automation techniques
- Consequently the data will also be sustainable because it can generate monetization and key synergies not only from a cross-departmental perspective, but also from a cross-company standpoint. Monetizing a company’s data by making it available to the outside world does not necessarily mean selling it—it is often more profitable to share it
Data analysis has become an essential activity for companies in managing competition and growing the business. However, the data alone is not enough—a careful data strategy is needed to ensure that all resources are used, shared and analyzed in a simple and efficient manner. Often, in fact, the presence of distinct silos in which the data is stored and processed makes it difficult to communicate and share information within a company, with a consequent loss of focus and a lower return.
When it comes to data monetization—the ability to convert and monetize the mine of information available to a company—two main possibilities usually emerge: either the data is sold externally, leading to a direct economic profit, or it is used within the same company and integrated into systems that make it possible to generate an indirect profit, perhaps as a result of a new business model.
A third possibility, which is the most profitable but the least common, is the sharing of data. This…