Monetizing Your Data - A Guide to Turning Data Into Profit-Driving Strategies and Solutions

Transforming data into revenue generating strategies and actions
 
Organizations are swamped with data--collected from web traffic, point of sale systems, enterprise resource planning systems, and more, but what to do with it? Monetizing your Data provides a framework and path for business managers to convert ever-increasing volumes of data into revenue generating actions through three disciplines: decision architecture, data science, and guided analytics. There are large gaps between understanding a business problem and knowing which data is relevant to the problem and how to leverage that data to drive significant financial performance. Using a proven methodology developed in the field through delivering meaningful solutions to Fortune 500 companies, this book gives you the analytical tools, methods, and techniques to transform data you already have into information into insights that drive winning decisions. Beginning with an explanation of the analytical cycle, this book guides you through the process of developing value generating strategies that can translate into big returns. The companion website, www.monetizingyourdata.com, provides templates, checklists, and examples to help you apply the methodology in your environment, and the expert author team provides authoritative guidance every step of the way.
 
This book shows you how to use your data to:
* Monetize your data to drive revenue and cut costs
* Connect your data to decisions that drive action and deliver value
* Develop analytic tools to guide managers up and down the ladder to better decisions
 
Turning data into action is key; data can be a valuable competitive advantage, but only if you understand how to organize it, structure it, and uncover the actionable information hidden within it through decision architecture and guided analytics. From multinational corporations to single-owner small businesses, companies of every size and structure stand to benefit from these tools, methods, and techniques; Monetizing your Data walks you through the translation and transformation to help you leverage your data into value creating strategies.

List of contents

Preface xiii
 
Acknowledgments xvii
 
About the Authors xix
 
SECTION I Introduction 1
 
Chapter 1 Introduction 3
 
Decisions 4
 
Analytical Journey 7
 
Solving the Problem 8
 
The Survey Says... 9
 
How to Use This Book 12
 
Let's Start 15
 
Chapter 2 Analytical Cycle: Driving Quality Decisions 16
 
Analytical Cycle Overview 17
 
Hierarchy of Information User 28
 
Next Steps 30
 
Chapter 3 Decision Architecture Methodology: Closing the Gap 31
 
Methodology Overview 32
 
Discovery 36
 
Decision Analysis 38
 
Monetization Strategy 40
 
Agile Analytics 41
 
Enablement 46
 
Summary 49
 
SECTION II Decision Analysis 51
 
Chapter 4 Decision Analysis: Architecting Decisions 53
 
Category Tree 54
 
Question Analysis 57
 
Key Decisions 61
 
Data Needs 64
 
Action Levers 67
 
Success Metrics 68
 
Category Tree Revisited 71
 
Summary 74
 
SECTION III Monetization Strategy 77
 
Chapter 5 Monetization Strategy: Making Data Pay 79
 
Business Levers 81
 
Monetization Strategy Framework 84
 
Decision Analysis and Agile Analytics 85
 
Competitive and Market Information 95
 
Summary 97
 
Chapter 6 Monetization Guiding Principles: Making It Solid 98
 
Quality Data 99
 
Be Specific 102
 
Be Holistic 103
 
Actionable 104
 
Decision Matrix 106
 
Grounded in Data Science 107
 
Monetary Value 108
 
Confidence Factor 109
 
Measurable 111
 
Motivation 112
 
Organizational Culture 113
 
Drives Innovation 113
 
Chapter 7 Product Profitability Monetization Strategy: A Case Study 115
 
Background 115
 
Business Levers 117
 
Discovery 117
 
Decide 118
 
Data Science 125
 
Monetization Framework Requirements 125
 
Decision Matrix 128
 
SECTION IV Agile Analytics 131
 
Chapter 8 Decision Theory: Making It Rational 133
 
Decision Matrix 134
 
Probability 136
 
Prospect Theory 139
 
Choice Architecture 140
 
Cognitive Bias 141
 
Chapter 9 Data Science: Making It Smart 145
 
Metrics 146
 
Thresholds 149
 
Trends and Forecasting 150
 
Correlation Analysis 151
 
Segmentation 154
 
Cluster Analysis 156
 
Velocity 160
 
Predictive and Explanatory Models 161
 
Machine Learning 162
 
Chapter 10 Data Development: Making It Organized 164
 
Data Quality 164
 
Dirty Data, Now What? 169
 
Data Types 170
 
Data Organization 172
 
Data Transformation 176
 
Summary 180
 
Chapter 11 Guided Analytics: Making It Relevant 181
 
So, What? 181
 
Guided Analytics 184
 
Summary 196
 
Chapter 12 User Interface (UI): Making It Clear 197
 
Introduction to UI 197
 
The Visual Palette 198
 
Less Is More 199
 
With Just One Look 206
 
Gestalt Principles of Pattern Perception 209
 
Putting It All Together 212
 
Summary 220
 
Chapter 13 User Experience (UX): Making It Work 221
 
Performance Load 221
 
Go with the Flow 225
 
Modularity 228
 
Propositional Density 229
 
Simplicity on the Other Side of Complexity 231
 
Summary 232
 
SECTION V Enablement 233
 
C

About the author

ANDREW ROMAN WELLS is the CEO of Aspirent, a management consulting firm focused on analytics. He has extensive experience building analytical solutions for a wide range of companies, from Fortune 500s to small non-profits. Mr. Wells focuses on helping organizations utilize their data to make impactful decisions that drive revenue through monetization strategies. He has been building analytical solutions for over 25 years and is excited to share these practical methods, tools, and techniques with a wider audience. Mr. Wells earned a Bachelor's degree in Business Administration with a focus on Finance and Management Information Systems from the University of Georgia.
KATHY WILLIAMS CHIANG is an established business analytics practitioner with expertise in guided analytics, analytic data mart development, and business planning. Prior to her current position as vice president of business insights at Wunderman Data Management, Ms. Chiang consulted with Aspirent on numerous analytic projects for several multinational clients including IHG and Coca Cola, among others. She has also worked for multinational corporations including Telecommunications Systems of Trinidad and Tobago, Acuity Brands Lighting, BellSouth International, and Portman Overseas. Ms. Chiang is experienced in designing and developing analytic tools and management dashboards that inform, matter, and drive action. She is highly skilled in data exploration, analysis, visualization, and presentation, and has developed solutions in the telecom, hospitality, and consumer products industries covering customer experience, marketing campaigns, revenue management, and web analytics. Ms. Chiang, a native of New Orleans, holds a Bachelor of Science degree in Chemistry, summa cum laude with University honors (4.0), from Louisiana State University, as well as an MBA from Tulane University. She is a member of Phi Beta Kappa and Mensa.

Summary

Transforming data into revenue generating strategies and actions

Organizations are swamped with data--collected from web traffic, point of sale systems, enterprise resource planning systems, and more, but what to do with it? Monetizing your Data provides a framework and path for business managers to convert ever-increasing volumes of data into revenue generating actions through three disciplines: decision architecture, data science, and guided analytics. There are large gaps between understanding a business problem and knowing which data is relevant to the problem and how to leverage that data to drive significant financial performance. Using a proven methodology developed in the field through delivering meaningful solutions to Fortune 500 companies, this book gives you the analytical tools, methods, and techniques to transform data you already have into information into insights that drive winning decisions. Beginning with an explanation of the analytical cycle, this book guides you through the process of developing value generating strategies that can translate into big returns. The companion website, www.monetizingyourdata.com, provides templates, checklists, and examples to help you apply the methodology in your environment, and the expert author team provides authoritative guidance every step of the way.

This book shows you how to use your data to:
* Monetize your data to drive revenue and cut costs
* Connect your data to decisions that drive action and deliver value
* Develop analytic tools to guide managers up and down the ladder to better decisions

Turning data into action is key; data can be a valuable competitive advantage, but only if you understand how to organize it, structure it, and uncover the actionable information hidden within it through decision architecture and guided analytics. From multinational corporations to single-owner small businesses, companies of every size and structure stand to benefit from these tools, methods, and techniques; Monetizing your Data walks you through the translation and transformation to help you leverage your data into value creating strategies.

Product details

• Authors: Kathy Chiang, Kathy Williams Chiang, Kathy Williams Wells Chiang, Chiang Kathy Williams, Andrew R. Wells, Andrew R. Chiang Wells, Andrew Roma Wells, Andrew Roman Wells, Andrew Roman Chiang Wells, Ar Wells, Wells Andrew Roman
• Publisher: Wiley, John and Sons Ltd
• Languages: English
• Product format: Hardback
• Released: 30.04.2017
• EAN: 9781119356240
• ISBN: 978-1-119-35624-0
• No. of pages: 368
• Subjects: Social sciences, law, business > Business > Management; Management, Wirtschaft, Business & management, Wirtschaft u. Management, Spezialthemen Wirtschaft u. Management, Business & Management Special Topics