The time value of money is the idea that money available at the present time is worth more than the same amount in the future due to its potential earning power. This concept also applies to data: if access to reliable data can be given earlier, the data can be analyzed and acted upon earlier, therefore increasing the value of that data to the business.
YourDataConnect™ provides a marketplace for your data assets and can be used to monetize data assets internally among different lines of business and externally with third-parties such as partners or customers.
There are three main personas in the YourDataConnect™ data marketplace:
- Publisher: users that register assets in the marketplace for other users to request.
- Subscriber: users that browse the data marketplace and subscribe to assets of interest.
- Administrator: users that administer the actions of publishers and subscribers.
“Calls may be recorded for training and quality purposes” is a phrase we’ve all heard when calling a service provider such as a cable company with an account or equipment issue. Figure 1 shows a data set representing these interactions. Data sets such as this can be registered in the data marketplace so that other users within the company can leverage the data for their own business cases, such as improving customer satisfaction, reducing call resolution time, or predicting equipment failure.
Figure 1: Registering a data set
After registering the data set, other users can find it and request access to it by the Subscribe action shown in Figure 2.
Figure 2: Subscribe option for a data set
After choosing the Subscribe option, the requestor must specify the Purpose of the request as well as the Cost Center that should be charged for the request.
Figure 3: Request to subscribe to a data set
The request next goes through an approval process. First, the marketplace administrators approve the request; finally, the data set publisher approves the request as long as it falls within acceptable use standards.
Figure 4: Approval steps of a data set request
After the request is approved, a Cross Charge will be created from the data set owner’s department (“Call Center”) to the requestor’s department (“Process Improvement”).
Figure 5: Cross charge due to interdepartmental cost centers
For more information, please go to yourdataconnect.com or email us at [email protected]
Alex Scroggins
CTO
YourDataConnect