What's the point of creating value with your data if you never cash it in? This week, Barb Wixom, Principal Research Scientist at MIT Sloan's Center for IS Research, takes us through the critical but oft neglected journey of turning data into definitive financial gains.
In peeling back the layers inherent to the value creation process, Barb insists that the leap from data to dollars must involve more than simply generating insights; it requires a strategic pivot towards value realization. With the IWS (Improve, Wrap, Sell) framework, we’ll help demystify the process, and show you exactly how operational enhancements and product advancements can be carefully leveraged to achieve financial outcomes. It’s a comprehensive look at the practicalities of converting data into tangible value; a must-listen for anyone looking to navigate the complexities of data monetization effectively.
Three reasons you should listen to this episode:
1. Value Creation to Realization. Barb breaks down the critical steps from value creation to value realization in data monetization, highlighting a commonly overlooked phase that is crucial for translating data benefits into financial returns.
2. The IWS Framework. A simple yet powerful tool for organizations to strategize their data monetization efforts, providing a clear pathway from operational improvements to selling information-based solutions.
3. Sustainability and Data Monetization. For any effort to be viable long-term, it must not only generate social or operational benefits but also secure financial returns, thereby ensuring the initiative's economic feasibility over time.
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