Your firm already amasses facts and figures from your customers as part of your daily operations. The majority of this potentially valuable data ends up being hoarded – but it can pay handsome rewards if you make best use of it, according to Barbara H Wixom and Jeanne W Ross, writing for MIT Sloan Management Review.
The first step is to identify which monetising method could be most appropriate for your business and then work out how to apply it. Here are some initial considerations Wixom and Ross recommend to help you make your ideas work:
1) Examine how you process your information. Data is at its most powerful when it’s analysed and put into the hands of the right people. Employees who have the closest links with customers, product development and production processes can use the information gleaned to improve decision making and operations.