Data Governance programs have lacked business adoption because there is often a limited tie-in with financial benefits. Let’s face it, if the regulators are not breathing down your neck, it is hard to get senior management to continue to sponsor data governance.
I have been doing some recent work with several of my colleagues including Pam Taylor and Mark Gallman on Data Monetization. We define Data Monetization as follows:
Data Monetization leverages data and information to expose opportunities to increase revenues, reduce costs and drive competitive advantage while mitigating risk.
Here are some use cases for Data Monetization:
- Grow Revenues – A retailer improves cross-sell and up-sell opportunities based on a single view of the household
- Reduce Costs – A manufacturer improves the quality of billing addresses to reduce Accounts Receivable and Working Capital
- Manage Risk – A bank reduces credit risk by establishing a unified view of counterparty risk across affiliates and subsidiaries
Data Monetization is a cross-functional discipline that draws from best practices in Data Management, Technology, Law and Finance.
Our newly-released YourDataConnectTM platform helps organizations build a quantitative view of the financial benefits from Data Monetization. For more information, please visit yourdataconnect.com.