Got “IoT” data? Struggling to figure out to turn all that sensor data into “moola”? My colleagues Ted Friedman, Doug Laney, and I just published some really useful and impactful research to help organizations monetize their Internet of Thing (IoT) data. “Prepare to Monetize Data From the Internet of Things” provides a 7 step approach to help organize, plan, and execute a data monetization strategy and highlights real-world examples of companies across different industries doing it today.
Monetizing data is part of the larger trend toward what Gartner calls “infonomics,” the discipline of attributing economic significance to information. Infonomics provides the framework that business needs to value information, manage it and wield it as a real asset. Businesses that measure information’s productive utility can make more intelligent investments in information-related initiatives. Those that know how to monetize their information assets can outperform their competition by using information to reinvent, digitalize or eliminate existing business processes and products.
IoT data contains incredible potential in terms of providing better insights about customers and behaviors, products and capabilities, and how customers interact with connected products and the world around them. Yet, the tremendous opportunity to generate economic value from all this collected data is being missed by most organizations embarking on the IoT journey. A key goal of most IoT projects should be to figure out how to monetize the data assets. The reality is that it requires preparation and new approaches. If you want to understand how to turn your IoT data into an money-generating asset instead of a liability, our latest research “Prepare to Monetize Data From the Internet of Things” is a must read.