If yours is like most organizations, it’s buried in big data, much of it latent and languishing, incurring more cost than economic value. So how do you tip the scales of infonomics? Where do you start? How do you generate ideas for putting all this information to work?
Understanding, evaluating, and adapting what other organizations are doing, especially outside your own industry, can jumpstart your efforts to monetize your (or even others’) information assets. Clients, especially chief data officers (CDOs) often ask me, “How are other businesses in our industry innovating with information?” My cheeky response often is: Unless you want to be in 2nd place, you should also look beyond your own industry for ideas to adopt and adapt.
Exploring ideas beyond a single industry is increasingly important, not just to identify good ideas, but also as a kind of early warning system of how other companies are evolving their information monetization initiatives–ways which could encroach on your own market in unexpected ways. Public case studies, professional organizations and industry conferences can all be sources of inspiration, new ideas, and new thinking about monetizing information. They can also be important sources of understanding potential problems, obstacles, and risks.
Curating such examples can take some time and effort, and scant few organizations have anyone designated to do so. So to assist our clients, over the past several years Gartner has been compiling a library of real-world examples that we call the Art of the Possible with Data and Analytics.
This ever-growing compilation includes hundreds of stories from every sector, every geography, and the majority of business domains and information types, including:
- How Lockheed-Martin text mines project documentation and communications for leading indicators of project issues, leading to hundreds of millions of dollars in reduced cost overruns.
- How Walmart reduced online shopping cart abandonment by 10-15 percent by incorporating social media trends into its search scoring algorithm.
- How Minute Maid can replan its orange juice blending operation in just minutes using a bevy of external information sources.
- How the Mexican oil company Pemex used a fleet of sensors to shift from unplanned to planned maintenance, saving hundreds of hours of oil refinery downtime.
- How DBS Bank in Singapore saves 30,000 hours of customer wait time by optimizing its replenishment of ATMs.
- How Primary Capital Mortgage has reduced the time loan officers spend tracking loan status from 1-2 hours to under five minutes per day, saving $10M annually.
- How the Georgia Aquarium used data science to turn a $700,000 media spend into a $8M of incremental revenue.
- How Dollar General has a self-funding data warehouse by licensing its data to suppliers.
- How CVS Health reduced call center resolution time by a minute per call by intelligently matching callers and CSRs.
- How the Peruvian insurer RIMAC used artificial intelligence to process claims 25 times faster than it once did.
Also, how a 16 year-old British girl has named nearly a hundreds of thousands of Chinese babies, how restaurants and pubs use IoT to reduce thousands of litres of beer wastage, and even how young folks in Iceland now can ensure that potential lovers aren’t an unknown cousin by “bumping their phones before they bump in bed.”
Each story summary includes an overview of the data and analytics involved, the business outcomes, and links to further details if publicly available.
These data and analytics use cases, along with others you may be able to cultivate on your own, should be helpful in spurring the imagination of your executives and business leaders. As one business executive told me, “These examples have shamed us into action. In addition to the research and development we do for our core products, we now have a dedicated information R&D function.” Perhaps your organization should have one too?
Gartner clients: Receive your own selection of examples from this library by submitting a written response inquiry request specifying the type of business function, type of data or analytics, and even the specific industry you’re interested in.
Analytics or other vendors and service providers: You are encouraged to submit details of your best high-value, innovative stories from named customers for inclusion in this library. As these examples are used by hundreds of Gartner analysts in publications, presentations and client interactions, and seen by thousands of clients each year, it’s a great way to feature your solutions at work.
My book, Infonomics: How to Monetize, Manage, and Measure Information for Competitive Advantage, is now available.
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Category: algorithm big-data cdo data-broker digital-business digital-marketing infonomics information-monetization insurance iot monetization social-media trends-and-predictions
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