If you’re a company executive who’s been considering getting into a business that deals in monetized data, you should be considering the possibility with eyes wide open. As with any new thing in business—and the monetization of data represents an entirely new industry—you should focus on taking measures to mitigate risk before going all-in.
It's really important that you take this preparation seriously. While the specifics of what you'll need to do will vary according to the type of company you currently are, there are definitely some basic steps you should take before putting together and executing your plan to enter the data business.
3 Steps to Take Before Taking Big Swings in the Data Economy
1. Look inward. You can’t begin offering valuable data-based products and services to outside customers until you’re appropriately valuing and using data efficiently within your own organization. You need to ensure you’re equipped from a business strategy and operational perspective to handle the work. In other words, maybe you should see if you can use data to improve your own business before you try to do the same with others. A little proof of concept is never a bad thing.
2. Don’t think you need to do everything from scratch. It’s OK to look to other organizations and industries for inspiration. Even Facebook. Many challenges in business have parallel structures across different industries. Take it upon yourself to initiate conversations with companies that are doing things with data that you respect, even if it's nothing close to what you want to do. It may be that a mentorship or partnership could help you develop or speed along your ideas for products and services. The possibilities are truly endless for collaboration in the art of data monetization...and it can take many exciting forms!
3. Your biggest hindrance in the data business will be you. The concept and business of data monetization is still in its infancy! While there are some early success stories, plenty more organizations are struggling mightily or failing altogether. Two likely reasons for these struggles are insufficient preparations and poor internal relationships between your existing business activities and IT resources. You need to make friends with the geeks! They will be the most important people in your organization moving forward. You must correct these types of deficiencies before your house can be considered "in order" for competing in the data industry. Don't be surprised if you need to reconfigure operating models or core business functions...or if your workers need to be retrained. And beware of band-aid shortcuts. Weaknesses will be exposed, and it will cost you.
Get the Smart, Tech-Savvy Guidance You Need to Enter the Data Business
Imaging Office Systems knows how to help your organization become a player in the data economy.
If you have an idea, we have over 48 years of experience helping companies solve their data management challenges...and the know-how to help you develop and bring your idea for a data-based business to fruition. Contact Imaging Office Systems today to start the conversation.