Episode Title : Data monetization starts with focus on Data usage and where value is created
Episode Summary: The key focus of data and analytics should be about data monetization. And Data monetization starts with the understanding of data usage and people who value data. Given that business drivers like inventory reduction and predictive maintenance improvement are key business metrics, data scientists and data engineers should start understanding the business drivers that attach value to data. Bill Schmarzo believes that customer engagement and operational improvement are teh key drivers for monetizing data. Bill also believes that employee learning and adaptation should also be key objectives of technology initiatives such as AI & ML. According to Bill, Data Monetization Officer role is more important than a Chief Data Officer role and the role should be cross functional directly under CEO/COO.
2:30: Bill promoting his recently released book which is his 4th book. Also updating his MBA videos while in between jobs.
4:40: How can you monetize data when there is no line item for Data on a balance sheet? That was the quandary for a research project at University of San Francisco where Bill was teaching a course. But quickly realized that that approach is wrong.
06:00: To create value, data scientists/engineers need to work with the business who can ‘value’ the data.
06:55 (Headliner): Economies of learning are more valuable than the economies of scale. The learning by use case by case in data and analytics can accelerate the value of data.
09:15 (Headliner): The business discussions should be about use cases like improving predictive maintenance and reducing inventory. The key phrase should be ‘value in use’ of analytics.
11:54: Instead of Chief Data Officer, we should have Chief Data Monetization Officer who sits across org boundaries reporting to a COO/CEO and who is a facilitator.
13:20 (Headliner): AI & ML will have the greatest impact at customer engagement and operationalization. Along with the models, we need to have the employees constantly learning and adapting.
17:30: Most successful companies in data and analytics will have a technology roadmap but also a human empowerment roadmap. And they are the ones who realize that the value creation comes from the customer engagement side initially.
21:00: Organizations need to create customer journey map. How the customers are interacting with their products at each stage. That is the best way to create and retain customers.
23:00: When an organization is only product focused, they don’t realize that the customers only value 20% of their product features. So why worry about the remaining 80% that customers don’t value?
Resources mentioned in this episode:
Podcast website: https://datatransformerspodcast.com
Connect with Bill Scmarzo https://www.linkedin.com/in/schmarzo/
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