This is a classic and classy piece published in the Deloitte University Press series last year.
Here is an excerpt you can use to check your action list and see where you are in becoming a new-age business adaptation – ready and able to compete by knowing who your prospects are, how they become customers and then how you create and deliver an exceptional and remarkable customer experience. The full article is here: http://dupress.com/articles/steps-to-data-analytics-business
- Step one is to envision what your offering will be. This step applies no matter what business you’ve been focused on in the past. You may have previously sold drugs (I mean the legal kind), banking transactions, mobile phones, cars and trucks, or watches, but now you could be selling data, analytics, and insights around those offerings as well.
- Step two is to think about the legal implications of your offering. You’ve probably already begun to collect some data that your existing products and services spew out as exhaust.
- Step three is to ensure that you can create your new data product or service from an operational standpoint. This is the same type of activity that your organization has been doing for a while to support internally oriented applications. Companies wishing to do data products have to ensure that they collected or acquired the right data over time, that it was cleaned and integrated, and that analysis tools are able to give customers the insights they need around the data.
- Step four is to try out a business model for your data product or service. Who knows for sure whether customers will be willing to pay for your new product by itself, or whether you will have to bundle it in with existing offerings?
Who knows which data or insights they will value most? Who knows how much you can charge? Nobody really knows these things, which is why you need to begin a series of iterative activities to find out.
We can help you mobilize and evaluate your data product options, monitor your predictive trends, measure progress toward a set of quantitative goals, flag shifts in your markets or financial operations and even lift your customer experiences to a higher level.
Call us to start a neutral and friendly conversation that can enhance your data management investment so you can make savvy asset management decisions. 512-478-3848