‘Only 1 in 12 companies monetize data to it’s fullest extent’. The underlying implication of this article in the MIT Sloan Management Review, is that organizations today are sitting on billions of dollars of legitimate but unrealised revenue. In my opinion, this happens because of the following: a. Most folks in a company know that data has INTERNAL value, but aren’t sure about it’s EXTERNAL revenue potential b. Few leaders in an organization understand how the data market works c. Even fewer have the capacity to productize this data d. Maybe, no one in the organization has exposure on how to monetize and market data For me, a critical yet counter intuitive point of view is that, business leaders and organizations treat their own data better for INTERNAL purposes, when they know the EXTERNAL value of that data. Such knowledge brings focus and discipline in investing in data systems, skills and treatment. If you think about it, this why we usually find those houses better kept and maintained, where the home owners are acutely aware of the valuation of their homes in the open market… even if they never want to sell it.
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