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Monetizing Data

How to generate economic value from data for your business

Doug Laney

Data is increasingly referred to as “the new oil”. But this is inaccurate. Data has economic characteristics that make it potentially much more valuable than oil. Data can be used simultaneously and repeatedly to generate business value in infinite ways. This course will explore data’s unique features, and how to take advantage of them. Participants will learn how to take a product management approach to monetize information both internally and externally. The course will also discuss options for packaging and pricing data assets, and share many useful real-world examples of organizations monetizing data in innovative, high-value, ways.

What you'll learn-and how you can apply it

By the end of this live, hands-on, online course, you’ll understand:

  • Data’s unique economic advantages compared to other assets
  • A wide variety of ways to monetize data, including many real-world examples
  • A disciplined approach to data monetization initiatives and business functions

And you’ll be able to:

  • Conceive new, innovative ways to monetize data for your organization
  • Follow a formal process for creating data products or solutions
  • Measure the financial and other benefits data can and does generate for your organization

This training course is for you because...

  • You want to learn more about the value of data
  • You’re a data and analytics leader in your organization
  • You work with business leaders in your organization to help them do more with data
  • You want to become a Chief Data Officer who is driving business value via available data assets

About your instructor

  • Doug Laney is a best-selling author and recognized authority on data and analytics strategy. He advises senior IT, business and data leaders on data monetization and valuation, data management and governance, alternative data, analytics best practices, and information innovation. Doug’s book, Infonomics: How to Monetize, Manage, and Measure Information for Competitive Advantage, was selected by CIO Magazine as the “Must-Read Book of the Year.”

    Now Principal Data Strategist with Caserta, previously Doug was a Distinguished Analyst with Gartner’s Chief Data Officer research and advisory team. He also launched and managed the Deloitte Analytics Institute, and has been published in the Wall Street Journal, Forbes, and the Financial Times among other journals. Doug has guest-lectured at major business schools around the world and is now a visiting professor with the University of Illinois Gies College of Business where he teaches “Infonomics” and “Business Analytics Executive Overview”.

Schedule

The timeframes are only estimates and may vary according to how the class is progressing

Introductions (10 minutes)

  • Discussion: Your role and background
  • Q&A: Expectations and desired takeaways

Infonomics Overview (10 minutes)

  • Presentation: The virtuous data value cycle: Measuring, Managing, and Monetizing Information as an Asset
  • Discussion: The unique economic aspects of data
  • Q&A

Reasons for monetizing data (20 min)

  • Exercise: What would be the benefits to your organization (hard benefits, soft benefits)
  • Discussion: Discuss exercise results

Methods for monetizing data (20 min)

  • Presentation: 8 methods of data monetization
  • Discussion: Why one method is more important than another?
  • Break (5 minutes)

Data Monetization Examples (20 min)

  • Presentation: A dozen (or more) data monetization examples
  • Exercise: What are the common themes among these examples?
  • Discussion: What are the common themes among these examples?

Data Monetization Approach (20 min)

  • Presentation: Overview of the steps to create a data product/solution

Wrap Up (15 min)

  • Discussion: Next steps
  • Q&A: Open Q&A