Anthea Stratigos – June 22, 2016
Today we’re announcing our new membership and community offering, Outsell’s Data Community, for Chief Data Officers, Chief Analytics Officers, and Chief Innovation and Strategy Officers in the enterprise and who are chartered with making a difference and are asking for a trusted place to solve problems, share best practices, and make good decisions for this evolving and exciting role.
Welcome to our Data Community…
We know today’s CDOs and enterprise executives must focus on the business of data and are dealing with a hotbed of thorny issues – How do you act as a change agent and create a data-driven culture? How do you establish a defensible data strategy, harness data, find partnerships, build out the platform, launch the applications, and measure success and ROI? How do you make sure you pick the right applications that are going to deliver bottom-line results to the organization? How do you ensure stakeholders are happy and how do you work with the rest of the organization without becoming a silo or simply ‘overhead’? Every enterprise is now in the data business, and to be successful, the business of data must be the backbone of the organization’s decision-making. And it must deliver financial impact. But the function is new and we’ve heard an outcry for help.
With 15+ years of helping c-level executives in the business of data and information, we specialize in helping decision-makers think through and address these challenges. We’ve developed deep methodologies (iPDL and dPDL TM) practice for building out a data strategy, considering needs and use cases, assessing market opportunity (in or outside an enterprise), ensuring differentiation with a data-driven offering, building out the sourcing and data strategy, and thinking through the “build” and launching and measuring success.
Data applications at the end of the day must deliver money to the bottom-line. Applications make sense if they help the organization make money or save money, or they mitigate risk, which is another way of saying make or save money. Over the years all our research points to this. And we see key areas for the business of data that CDOs must consider as they build out a data strategy:
First, what’s the organization’s strategy? Any data strategy has to be done in the context of helping the organization meet its goals. Sounds simple but you’d be surprised how often we see linkages missing.
From there, what key application areas are essential to focus on? We see five primary ones and there is no right or wrong about where to start – this is where what’s built must align to strategy.
Key choices include:
- Monetizing customers – think sales and marketing and where a lot of data applications took root – digital marketing.
- Discovery and innovation – think R&D and product development.
- Risk & Compliance – think keeping regulators at bay, suppliers happy, or ensuring weather won’t wipe out the supply chain – Where CDOs took root in financial services? – Risk.
- Talent & Human Capital Management – think attracting, training, retaining the best and the brightest.
- Commercializing data – think developing commercial data-driven offerings to take to market or licensing data exhaust and making money from data assets that aren’t proprietary but upon which your business rests:
- * MasterCard launching commercial data offerings or buying (then selling) TowerGroup
- * BMW, Mercedes, and Audi buying mapping solutions
- * IBM buying The Weather Company and Truven
- * Monsanto buying Climate Corp
- * Tesco launching Dunnhumby
- * Trimble Navigation buying IRON Solutions
And increasingly organizations applying data to crucial decision-making is the norm. Whether looking at solving legal cases faster, or improving medical outcomes, or reducing insurance claims- data is now the core. These are the top ways we see today’s modern enterprise focusing on executing data-driven strategies and where data monetization is happening. Where DataMoney is being made.
Two weeks ago we launched our event, Outsell’s DataMoney Conference. It is part of a multi-pronged strategy we are executing to support CDOs, Chief Analytics Officers, Chief Innovation and Chief Strategy Officers in modern enterprises looking at the business of data and how to make money because of it. There are plenty of organizations focused on cleaning data, picking technology for data, looking at the nits and bits of the “big data” phenomenon. But there is a dearth of support for the business of data and little focus on monetizing data at a business level, for the enterprise. Enter Outsell.
We have been working with CEOs and strategy officers in commercial information and data companies and information managers in enterprises for years. We are tuning our expertise to support CDOs in the enterprise who are dealing with the very same issues. We have analysts who are deep domain experts and lead analysts in all the key application areas. We have over 8,000 data sources and data partners and information companies identified and are identifying and codifying more every day. We have a platform integrating all of these resources with deep research on best practices, and tool-kits and have linked this to an invitation-only community for executives to problem-solve, share best practices and solve problems together in a confidential environment. And we are linking it to DataMoney so the community has an annual event and opportunities to meet F2F twice a year. We have new and unique data assets in development to support this function. We have a holistic approach to serving CDO needs, including a host of custom research capabilities and an affiliate network with specific domain expertise, such as our announced partnership with Traction Technology Partners who bring expertise about leading edge technologies that support the business of data to DataMoney and the community offering.
Whether you, today’s CDO, are focusing on data for innovation, risk management, monetizing customers, improving talent and HCM, or actually monetizing data or improving outcomes – we’ve got a treasure trove of expertise and an amazing platform for 24×7/365 decision support. Take Outsell Anywhere with Outsell’s Data Community and know we have your back. Welcome!