Our latest dinner in the Digital Perspectives series focused on the ever-challenging topic of data and how to drive real commercial value.
A number of CEOs from various industries gathered to share experiences in their efforts to commercialise data. These stories ranged from the most fundamental use of user data for insights to inform new product, services and communications programmes through to putting a price tag around data sets.
Three themes emerged: firstly, as data is almost always dislocated around the business, some centralisation or connectivity is needed to allow really useful insights to be found. This requires top down leadership and resourcing to drive sharing and connecting of data types.
Secondly, the shift to charging customers for data (often data of their own use of products and services) needs full commitment from management in the same way that any new product development process demands. We must have confidence in the data proposition (that it will really drive change for the customer) and that the relationships with our clients is such that they will value the new offering,
Finally, when moving to a data-centred business approach, the culture shift is not to be underestimated. Putting a trusted manager in charge of a new initiative may well be the initial step; driving real change in a business to trust and rely on the data requires the recruitment of data insight specialists, the provision of the right tech platforms and the redevelopment of internal processes and motivations to really change business behaviour.