Where does data drive enterprise value?

For those of you that have not taken our other courses, here are 9 ways that Cognopia has identified where data can be used to drive value into your organization, and it’s important that we start here so we understand the broad brush strokes before we dive into the details of where we’re going to monetize that data and put a dollar value on our work. Check this out.

Make better decisions

So the first of our nine ways is really around supporting decisions and clearly making great decisions is the backbone of having a great business. If we can put a dollar value on the decision and on the uncertainty that we have, then we can put a price on the data that reduces that uncertainty and makes us more confident that the decision we’re about to make is a good one.

Cut costs

When we look at the business, our business has costs today and our data is going to add to those costs so we can put numbers on where data is causing us to incur costs we shouldn’t be incurring. But we can also leverage data, potentially in the procurement department, to reduce the number of products and the amount of inventory that we’re carrying or to negotiate better terms with our suppliers. And there’s a dollar value to that in the data.

Customer experience

Clearly, customer experience is extremely in vogue and we need to give the right data to our customers to help them make decisions about our products and services. But also, we need to make sure that the data across channels is consistent because there’s a huge expectation of that from your customers today.

Opportunity knocks

You can use data and you can acquire data so that you can evaluate new opportunities. Whether that’s a new market to enter or whether that’s a new product or service to launch, your data can support that. And how can we put a monetary value on that?

Risk reduction

Clearly, there are risks involved in your organization. There are fines and penalties that can be levied not just for badly handling data, but also for being hacked, paying ransoms to hackers who’ve taken over your data and aren’t giving you access to it. We need to put a cost on that so that we can mitigate it and prioritize that work.

Innovate

We can use data to innovate. We can drive up new products and services with data. We can also add and package data into our service offerings to drive up value in these service offerings and make our customers more loyal.

Sell or trade your data

We’re going to learn how to monetize data, and clearly, that’s important. That’s the reason why you’ll have taken this course in the first place. But how do we put a dollar value on this, which is fair? And how do we then sell or trade that data with a third party and get real value for our organization?

Employee data

Clearly, our employees both have data in their heads that we can extract and monetize, but they also use data in their day to day jobs. And unless we’re providing them great data, at the right point in time, we’re wasting some of their time creating frustrations and stopping them from being able to achieve what they’re paid to do.

Efficiency gains

And then lastly, we got to drive up efficiency in our organization and measure data on the processes that we operate across all of our different parts of our business can be used to optimize those processes to create more efficiency and to make sure that our data is not holding us back.

So there are nine easy ways that you can use data to drive value. We will come back to some of these later on in the course and put a real dollar value on them.

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