I came across a word today "INFONOMICS" which is nothing but applying "ECONOMICS" on the DATA what we generate in the enterprise.
Any company which has a DW and deriving more value out of the data to take decisions which impacts the operational, tactical and strategic decisions are on its way to be INFONOMICS company.
"Data Monetisation" -- Finding ways to use the existing data to fine tune the process or finding a new process which either saves the money for the company or generates the money for the company.
To prove the role you are playing, link your work towards the revenue contribution, thus you also getting closer to business. When a technology person understands the business very well, you will make use of data very inventively in the business. When we reuse the data for new process, you saved the money which we spend to collect the information.
Two types of DATA -- ROO -- Record of Origin
ROR -- Record of Reference
The more ROR we have in the organization, we can prove the reuse as well as the cost we saved to process and present the data on need basis very effectively.
Record of Reference Systems
1. Master Data Management -- which improves the Data Quality, Data Reuse and Operational efficiency
2. DW and Business Intelligence -- which holds the historical changes and integrated data for tactical and strategic decisions.
When we don't have any platform which cannot be used to analyze and improve the decision making process (it can be operational, analysis, visualization, Machine Learning (data mining) etc), then we are not considering the data as asset.
Start building the repository of information which can be used across organization is the place to start looking at the data as an asset.
Any company which has a DW and deriving more value out of the data to take decisions which impacts the operational, tactical and strategic decisions are on its way to be INFONOMICS company.
"Data Monetisation" -- Finding ways to use the existing data to fine tune the process or finding a new process which either saves the money for the company or generates the money for the company.
To prove the role you are playing, link your work towards the revenue contribution, thus you also getting closer to business. When a technology person understands the business very well, you will make use of data very inventively in the business. When we reuse the data for new process, you saved the money which we spend to collect the information.
Two types of DATA -- ROO -- Record of Origin
ROR -- Record of Reference
The more ROR we have in the organization, we can prove the reuse as well as the cost we saved to process and present the data on need basis very effectively.
Record of Reference Systems
1. Master Data Management -- which improves the Data Quality, Data Reuse and Operational efficiency
2. DW and Business Intelligence -- which holds the historical changes and integrated data for tactical and strategic decisions.
When we don't have any platform which cannot be used to analyze and improve the decision making process (it can be operational, analysis, visualization, Machine Learning (data mining) etc), then we are not considering the data as asset.
Start building the repository of information which can be used across organization is the place to start looking at the data as an asset.
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