December 22, 2021
The best practices for CDOs to derive the most value out of D&A in an organization
Having a CDO today shows an organization's commitment to data. One of the most important responsibilities that a CDO has is data monetization since organizations are eager to turn data into gold.
“CDO needs authority, autonomy and resources to design & execute on direct data monetization initiatives.”
The challenge for a CDO is to find the right way to extract value from D&A among all the possible approaches. The article from George Lawton proposed 10 best practices for CDOs to fully leverage the value from Data & Analytics.
We summarized them into 3 aspects:
- Strategy: deploy a data product approach, start with small & achievable goals and iterate from there, and diversify data monetization opportunities - including monetizing external access to your own data.
- Operating model: Establish a data governance plan, define clear ownerships, and monitor the use and reuse of D&A
- Culture and collaboration: Build and strengthen an ROI culture, promote data monetization literacy and make the whole D&A plan a team effort
Within this structure, CDOs can identify various opportunities to drive value from data and support a collaborative data culture with changes in operations and mindsets.
D&A needs to align with business strategies to deliver impacts. While knowing that data monetization models differ from one organization to the other, it is a CDO’s responsibility to pinpoint the most suitable strategy to resonate with the organization’s needs.
YOOI is a centralized platform to support CDOs to animate and monitor all D&A initiatives as well as expand and diversify data monetization opportunities. If you want to know more, contact us to discuss further!