Give Data Its Due: Applied Infonomics Incoming

In the past year, the world has created, captured, copied, and consumed more data than ever before and that trend is not expected to stop any time soon. The edge is a new battlefront, fueled by data. Properly arming your organization with the right solution is only a piece of a well-researched strategy. A bold new world of endpoints, connectivity, and innovation is here.

The Why

In a recent report, Applied Infonomics: 7 Practices for Chief Data Officers to Monetize Information Assets, Gartner explores a compelling case, offering the following reasons for why firms should monetize information assets:

• 'Boost shareholder value
• Create additional revenue streams
• Improve corporate valuation
• Incorporate new lines of business
• Reinforce customer, supplier, and partner relationships
• Barter data for goods and services; or terms and conditions
• Gain competitive advantage
• Drive information management and governance improvements as a side benefit
• Defray costs of information management and analytics'

But you've probably heard that before.

The How

Chief Data Officers (CDO) and analytics leaders are viewing the data tidal wave with eyes wide open, but how can firms monetize information, and ride this opportunity to rising revenue and a buoyed bottom line? Infonomics treats information as an asset, producing a loop of management, measurement, and monetization.

We believe, Gartner suggests several ways to apply infonomics:

• 'Establish an information product management function in order to generate measurable economic benefits from available information assets.'
• 'Evaluate and Select Methods for Both Internal and External Data Monetization'
• Actively curate those datasets that can be monetized by maintaining an inventory of possible information assets throughout the organization, as well as from second- and third-party sources. Adopt and Adapt High-Value Data Monetization Ideas From Other Industries
• Establish Executive Accountability for Data Monetization or Information Product Management'
• Openly discuss legal and ethical issues.

Network and application data improves business outcomes. For example, Extreme's solutions allow you to to deliver granular visibility into the network and applications to optimize experiences, moving away from shadow IT and blunted visibility of traditional networking solutions. We assist in illuminating customer needs to cross the threshold of added value and monetization opportunity.

The preparation component of the process deserves underscoring, and Gartner expects that 'by 2022, 90% of corporate strategies will explicitly mention information as a critical enterprise asset and analytics as an essential competency.' Additionally, nearly one-third of CFOs will be put to the task of auditing and valuating organizational information assets for improved information management and benefits. Gartner further says, 'By 2022, 30% of leading organizations will formally adopt infonomics practices and value their information assets, maintaining a balance sheet for internal purposes.'

Data, data, everywhere, but not enough to monetize? No. That's not how the saying goes…

Gartner, Applied Infonomics: 7 Practices for Chief Data Officers to Monetize Information Assets, 31 March 2020, Mike Rollings, Alan D. Duncan, Lydia Clougherty Jones