Posted by Elena del Valle on June 29, 2017
Monetizing Your Data
Photos: Andrew Roman Wells, Kathy Williams Chiang
The more advanced our technology becomes the more data managers can gather and store. But once they have it what can they do with it? What should they do to gain an advantage for their business and how should they do it? Managers wondering what to do with all the data their company gathers on customers and prospective customers may be interested in a new book that addresses many data use related questions, Monetizing Your Data: A Guide to Turning Data into Profit-Driving Strategies and Solutions (Wiley, $49.95) by analytics specialists Andrew Roman Wells and Kathy Williams Chiang.
Kathy Chiang, author, Monetizing Your Data
“The target audience for the book primarily includes entry-level to mid-level managers in medium to large sized businesses working in the areas of business analysis, marketing analytics, data science, business intelligence, strategy and business planning,” the authors replied by email via their publishing company when asked about potential readers.
The 344-page hardcover book published March of this year was written in an academic style with tables and charts. It is divided into six main sections titled as follows: Introduction, Decision Analysis, Monetization Strategy, Agile Analysis, Enablement, and Case Study. The authors promise a step-by-step process, Decision Architecture Methodology, to monetize data assets. The authors begin with an explanation of the analytical cycle, striving to guide readers through the process of developing practical strategies. They offer templates, checklists, and examples in a companion website, monetizingyourdata.com.
The biggest challenge to writing and publishing their book, which required 18 months from idea to publication, was that, “Because we are both active practitioners in the field, finding quality time to write and collaborate was a big challenge.” They declined to answer a question about the legal and ethical issues related to monetizing data.
Andrew Wells, author, Monetizing Your Data
“Data is the transactional record of the activity of the business,” the authors replied when asked for a definition of data as it relates to their book. “It captures both internal business activity, such as production of products and services, and external activity such as customer orders, reviews, complaints. It can come in many different forms such as a number, a date, a word, a paragraph, a recorded message, or even an entire document.”
When asked if the data they refer to in the book is different from Big Data, they said, “Big Data at this time does not have a consensus definition but the term is generally used to refer to unstructured data such as social media posts and/or highly granular transactional data of the business characterized by large volume, high velocity and broad variety. The data we speak of in the book covers all types of business data from large to small, such as traditional business reporting metrics such as may be found in financial reporting, customer survey data found in market research, and the large volumes of transactional data that can be thought of as Big Data.”
According to his biography, Wells, chief executive officer, Aspirent, a management-consulting firm focused on analytics, has extensive experience building Analytical Solutions. He also has experience as a hands-on consultant. In Silicon Valley, he worked on customer analytics and the use of predictive methods to drive performance for two start-ups. Wells has also held executive roles as director of Business Intelligence at Capital One and consulted for Coca-Cola, IHG, The Home Depot, Capital One, Wells Fargo, HP, Time Warner, Merrill Lynch, and Applied Materials.
Chiang has expertise in guided analytics, analytic data mart development and business planning. Prior to her current position as vice president, Business Insights, Wunderman Data Management, she consulted with Aspirent on numerous analytic projects for several multinational clients including IHG and Coca-Cola. She has worked for Telecommunications Systems of Trinidad and Tobago, Acuity Brands Lighting, BellSouth International and Portman Overseas.
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