Gartner's "Infonomics": Using Your Information to Make Money
in Business Intelligence, Customer-Facing Business Intelligence, data monetization, Business Analytics, Business Intelligence
If you're looking to monetize your information assets, a recent post from Gartner offers helpful suggestions. Whether you want to sell your enterprise information, or exploit it to increase revenues or profit margins, these seven tips - which include inventorying your assets, preparing your data, and testing your ideas ahead of time - can drive greater financial benefit from your data.
Organizations know that there is significant monetary value buried in their information systems, but are unsure how to unlock it. According to analyst Doug Laney, "Many information leaders increasingly grasp the idea that information adds value to their organization beyond mere operational excellence and decision making, but they have a limited view of how they can help business leaders generate value from information."
Many Information Builders customers are already engaging in what Gartner calls "infonomics" - the process of "asserting economic significance to information".
There's Butler Health System, who uses our solutions to identify ways to achieve qualitative improvements such as increasing patient throughput volumes and reducing arrival-to-admission and arrival-to-discharge times. These enhancements have resulted in a positive impact to reimbursement rates. Ainsworth's WebFOCUS-powered dashboard provides intelligence that brings large projects in under budget more often, accelerates the payment of invoices, reduces the number of billing disputes by half, and drives new revenue through an increase in service contract renewals. And Associated Wholesalers relies on insight into pricing trends, delivered with our BI and analytics platform, to set and reach revenue targets, maximize profits, and promote competitive advantage.
These are just a few of the many ways to turn data into dollars. The potential for data monetization is almost limitless. More helpful hints - and more success stories - can be found in our white paper, Data Monetization Strategies: How to Make Money or Save Money With Data and Analytics.