Data Governance programs have lacked business adoption because there is often a limited tie-in with financial benefits. Let’s face it, if the regulators are not breathing down your neck, it is hard to get senior management to continue to sponsor data governance.
We define Data Monetization as follows:
Data Monetization leverages data and information to expose opportunities to increase revenues, reduce costs and drive competitive advantage while mitigating risk.
Here are some use cases for Data Monetization:
- Grow Revenues – A retailer improves cross-sell and up-sell opportunities based on a single view of the household
- Reduce Costs – A manufacturer improves the quality of billing addresses to reduce Accounts Receivable and Working Capital
- Manage Risk – A bank reduces credit risk by establishing a unified view of counterparty risk across affiliates and subsidiaries
Data Monetization is a cross-functional discipline that draws from best practices in Data Management, Technology, Law and Finance.
