A CDO Magazine survey report commissioned by Boomi, “Turning Data Into Dollars: How Liquid Is Your Data,” examines whether organizations are truly prepared for data monetization, the challenges they face, and the strategies for improving data liquidity to maximize revenue potential.
Perhaps no surprise, the survey reveals that there’s somewhat of a disconnect between how enterprise data leaders view improving data monetization and what’s holding their organizations back from achieving it. In this blog, we’ll look at some of the survey’s key findings and share information from a recent webinar on the same topic.
The Impact of Data Liquidity on Data Monetization
In addition to noting that “fragmented systems, cultural resistance, and budget constraints hinder seamless data integration,” the CDO survey uncovered some interesting statistics around key focus areas for leaders.
- Manual Data Processes: 89% of organizations still require manual interventions for data access, limiting monetization opportunities.
- Decision-Making Delays: Despite access to data, only 10% of decisions are made in real-time, with most taking weeks or months.
- Impact on KPIs: Data access affects cost savings (39%), customer satisfaction (52%), and competitive advantage (41%), with only 9% believing it doesn’t impact revenue.
Another recent commissioned report defines data liquidity as “the ability to seamlessly access, combine, and analyze data from various sources to extract relevant information and apply it effectively to specific business scenarios.”
“Turning Data Into Dollars” finds that “41% of leaders believe improving data liquidity is key to monetization.” The report authors also point out that “Organizations understand the importance of data integration and have considerably achieved it. However, most of it remains a manual process restricting the monetization potential.”
Non-Linear Data Monetization
This doesn’t mean monetization isn’t possible for your organization. You may just need to refine your approach, considering non-linear data monetization.
“Non-linear data monetization” refers to strategies that go beyond simply selling raw data or using it for basic internal improvements. It’s about extracting deeper value from data by creatively combining it, transforming it, and using it in ways that generate increasing returns over time.
So, what makes it non-linear? As Boomi CTO Matt McLarty explains in “Unlocking Revenue Potential: How to Achieve Real-Time Data Liquidity,” there are several factors. A non-linear approach takes a long-term perspective. That means going beyond transactional, one-off data sales. Instead, when your data is liquid it can be used and reused in multiple ways that increases its value of time.
In the same webinar, Arvind Balasundaram, executive director, commercial insights and analytics at Regeneron, stresses the need to re-examine the approach to data.
“There’s this legacy perception of data as a very linear value creation cycle, where we’re integrating data but not recovering all of its optimized value,” Balasundaram says. “That process must be disrupted because liquid data — especially as we’re heading into the future — requires a very non-linear process.”
A non-linear approach also seeks to increase data’s value through:
- Data Enrichment: Combining internal data with external sources, adding context and insights that weren’t there before.
- Data Products and Services: Creating new offerings by packaging and analyzing data in ways that solve specific customer problems.
- AI and Machine Learning: Using data to train algorithms, personalize experiences, and predict future trends, creating a compounding effect on value.
To learn more about non-linear data monetization, watch our webinar “Unlocking Revenue Potential: How to Achieve Real-Time Data Liquidity,” available now on demand.
The “Secret Code” to Monetizing Your Data
In the 1950s, a popular radio and TV program, “Dialing for Dollars,” involved a host randomly selecting a phone number from a bowl filled with viewer or listener entries. The host called the number live on air, and if the person answered and gave the correct password, he or she won a cash prize.
Of course, today’s executive leaders aren’t randomly dialing for dollars. But they are trying to convert one of their organizations’ key assets — its data — into dollars. And to do it, they need the correct “password.” Or, in this case, the best digital solution to monetize their data. A solution that gives them visibility and accessibility into all their data, no matter where it resides — and the flexibility and power to continually optimize its value.
The Boomi Enterprise Platform ticks all the boxes. With Boomi, companies can:
- Break down data silos, streamlining the flow of data between systems while increasing visibility and accessibility
- Leverage real-time data for better decision-making and increased sales opportunities
- Manage data more efficiently and lower operational costs without draining IT resources
- Obtain financial insights through data integration, helping CFOs understand the financial implications of data-driven decisions
- Quickly implement and use the platform with minimal training needed, by leveraging its user-friendly interface and low-code approach
- Scale their data integration capabilities as they grow
- Accelerate deployment times while lowering costs compared with competitors like MuleSoft
Read the complete CDO Magazine survey report for more data.