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Data Is Everybody's Business: The Fundamentals of Data Monetization - Hardcover | Diverse Reads

Data Is Everybody's Business: The Fundamentals of Data Monetization

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A clear, engaging, evidence-based guide to monetizing data, for everyone from employee to board member.

Most organizations view data monetization—converting data into money—too narrowly: as merely selling data sets. But data monetization is a core business activity for both commercial and noncommercial organizations, and, within organizations, it’s critical to have wide-ranging support for this pursuit. In Data Is Everybody’s Business, the authors offer a clear and engaging way for people across the entire organization to understand data monetization and make it happen. The authors identify three viable ways to convert data into money—improving work with data, wrapping products with data, and selling information offerings—and explain when to pursue each and how to succeed.

Key features of the book:
• Grounded in twenty-eight years of academic research, including nine years of research at the MIT Sloan Center for Information Systems Research (MIT CISR)
• Definitions of key terms, self-reflection questions, appealing graphics, and easy-to-use frameworks
• Rich with detailed case studies
• Supplemented by free MIT CISR website resources (cisr.mit.edu)

Ideal for organizations engaged in data literacy training, data-driven transformation, or digital transformation, Data Is Everybody’s Business is the essential guide for helping everybody in the organization—not just the data specialists—understand, get excited about, and participate in data monetization.

ISBN-13: 9780262048217

Media Type: Hardcover

Publisher: MIT Press

Publication Date: 09-26-2023

Pages: 200

Product Dimensions: 6.34(w) x 9.32(h) x 0.78(d)

Series: Management on the Cutting Edge

Barbara H. Wixom is Principal Research Scientist at the MIT Sloan Center for Information Systems Research (MIT CISR), founder of the MIT CISR Data Research Advisory Board, and faculty director for the MIT Sloan online short course Data Monetization Strategy. Cynthia M. Beath is Professor Emerita at the McCombs School of Business, University of Texas at Austin. Before embarking on her academic career, she worked in private industry in several information systems development and consulting positions. Leslie Owens is the former Executive Director of MIT CISR and Senior Lecturer at the MIT Sloan School of Management. Previously she was Vice President and Research Director at Forrester Research, and a manager at Abbott.

What People are Saying About This

From the Publisher

“Companies today are awash in data, but too often it's underutilized. The authors' Improve-Wrap-Sell framework is a timely paradigm that can be easily adapted by any organization to drive change and create shareholder value.”
—Chris Kempczinski, President and CEO, McDonald's Corporation
 
“The world is all about data—the better we understand it, the more successful we can be. This book shares actionable information on how we can all benefit from the data in our lives.”
—Michael Miebach, CEO, Mastercard
 
“At General Mills, data and analytics provide the foundation to our business. Data Is Everybody’s Business provides clear, practical tips for any organization to harness the power of data to transform for the future.”
—Jeff Harmening, Chairman and CEO, General Mills
 
“Data science and analytics are wonderful. But understanding how serious organizations invest in and manage ‘data as an asset’ requires reading this book.”
—Michael Schrage, MIT Sloan School Initiative on the Digital Economy; author of Recommendation Engines (MIT Press)
 
“Barbara Wixom’s highly researched work is fundamental to explaining how data is essential to solving societal challenges. Her simplified data monetization approach (Improve-Wrap-Sell) will serve as a spark to driving innovation and results within any business.”
—Nancy McKinstry, CEO and Chair of the Executive Board, Wolters Kluwer N.V.

“If you want to transform your data assets into monetary assets, read this book. Its guidance is practical, research-based, and described through examples and case studies. You and your organization need it!”
—Thomas H. Davenport, Distinguished Professor, Babson College, Fellow, MIT Initiative on the Digital Economy, and Senior Advisor, Deloitte
 
“In an era that is awash in "big data", this book reminds us that what ultimately matters is small, monetizable data. To that end, it offers a set of elegant frameworks and capabilities to guide you in extracting and realizing value from your data assets.”
—Vijay Raghavan, Executive Vice President and Chief Technology Officer at LexisNexis Risk Solutions
 
“Data is transforming industries and driving new business models. Barbara Wixom offers actionable frameworks to realize the full potential of data as strategic assets no matter where you are in the transformation journey.”
—Gail Evans, Executive Vice President, Chief Digital and Technology Officer, Disney Parks, Experiences and Products

Table of Contents

Series Foreword vii
Foreword ix
Introduction: Data Is Everybody's Business 1
1 Data Monetization 9
2 Data Monetization Capabilities 25
3 Improving with Data 47
4 Wrapping with Data 67
5 Selling Information Solutions 91
6 Creating a Data Democracy 113
7 Data Monetization Strategy 129
8 Monetizing Your Data 147
Appendix: The Capability Assessment Worksheet 155
Acknowledgments 165
Notes 173
Index 185