Every company operating today is a data company. Most have access to an array of data within their supply chains, operations, strategic partners, customers, and competitors. Yet most companies are leaving money on the table when it comes to data monetization. The obvious use is to leverage data to improve a company’s operations, productivity, products, and customer interactions. The second path involves creating new revenue streams by making data available to customers and partners. These are not mutually exclusive paths. How might you leverage your data? One approach is to increase the value of your data by integrating it with another source or partner. Another might be to leverage data from one of your business units to another. To reach maximum value potential, companies need to identify trends and insights from the data that are not easily replicated or available from competitors. In other words, uniqueness creates value. Please reach out to me to learn more about our data expertise projects at P&C.
