providing it. Product leaders assemble
teams to design experiments and methodologies that help analyze the impacts of
information features and make appropriate adjustments.
Monetizing data by selling it requires
a strong business-unit leader. That
leader, in turn, must assemble a team
that can launch and grow what is for
most companies a new line of business.
The head of that business will start by
ensuring the value of the data and related
services to potential customers. But the
business head and his or her team must
also design data, analytics, and dashboards to monitor the business and
enable a rapid response to new business
Each of the data-monetization strategies requires new processes, skills, and
cultures to generate maximum returns.
Companies with data-monetization experience have learned that it is insufficient
to simply put data and tools into the
hands of employees. Microsoft refined
goals, cleaned up data, honed reports and
algorithms, grew talent, and changed
habits. Capital One and Johnson &
Johnson reshaped product-management
talent, platforms, and capabilities. State
Street redesigned its organization and
created a new profit formula that would
generate stand-alone revenues from
Impressive results from data monetization do not transpire from single “aha”
moments. Instead, they stem from a clear
data-monetization strategy, combined
with investment and commitment.
Barbara H. Wixom and Jeanne W. Ross are
both principal research scientists at the MIT
Center for Information Systems Research in
Cambridge, Massachusetts. Comment on
this article at http://sloanreview.mit.
edu/x/58310, or contact the authors at
Reprint 58310. For ordering information, see page 4.
Copyright © Massachusetts Institute of Technology,
2017. All rights reserved.
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