We have seen a surge in companies looking to get more value from their data. We define Data Monetization as leveraging data and information to expose opportunities to increase revenues, reduce costs and drive competitive advantage while mitigating risk.
Implementing data monetization will require a unique skill set that draws from multiple disciplines across data management, technology, legal and finance. Yes, the traditional DAMA disciplines of data governance, data quality, metadata management, master data management, data architecture, etc. are important. However, these disciplines focus on “how” to implement a data management program once the requirements have been defined. By contrast, Data Monetization focuses on “why” you need to implement a data management program in the first place. For example, Data Monetization drives the need for a reduction in accounts receivable and working capital. Data Governance identifies critical data elements like bill-to address and data quality reduces incorrect values that improve collections.
The Chief Data Monetization Officer (CDMO) has the following characteristics:
- Reports into the Chief Financial Officer, Chief Operating Officer or Chief Data Officer
- Has a strong background in Enterprise Data Management and Finance
- Possesses some background in Legal and Technology
- Brings together all the business cases for data monetization across the company
- Tracks execution of the business cases
- Has strong communicator and interpersonal skills
This role is still evolving, and I expect that many organizations will fill this role from the ranks of existing personnel within Data Governance, Finance, Digital Transformation and Data Program Management.