EvD Theorem #1: Data, By Itself, Provides Little Value
It isn't the data itself that's valuable; it's the trends, patterns, and relationships (insights) gleaned from the data about your customers, products, and operations that are valuable.
In Chapter 1, The CEO Mandate: Become Value-driven, Not Data-driven, I introduced Phase 4 of the Big Data Business Model Maturity Index—the "Insights Monetization" phase and discussed how organizations should not focus on trying to monetize their data by selling it.
That's an accounting mentality. Instead, organizations should adopt an economics (value in use) mentality to identify opportunities to use their data to create new sources of customer, product, and operational value (see Figure 5.1).
Figure 5.1: Insights Monetization Phase of Big Data Business Model Maturity Index
Many organizations are associating data monetization with the selling of their data. Selling data is a business...
