Data Rich, Knowledge Poor?
Increasingly, organisations are left pondering whether they have missed the “Big Data Boat” and if it is too late to utilise the data available to hand, either because of costs or ignorance of the full value of their data sets.
A simple due diligence type exercise performed can unearth a wealth of information. The benefits of undertaking this endeavour are manifold, including:
- Documenting current processes for data collection in respect of data procured, created and/or generated by the business
- Identifying express, and implied, terms relating to each data set
- Documenting cost
- Determining compliance with licence terms
The benefits become apparent as the exercise proceeds.
Clear strategy and output allows the business to evaluate quickly and effectively the potential to exploit the data in the regular course of business.
The upsides are obvious:
- Understanding risk of non-compliance and mitigation
- Identification of additional intellectual property rights (IPRs) generated by the organisation’s activities or the behaviours of its customers (which may have commercial value)
- Enabling innovation by understanding licence parameters and/or restrictions quickly or in real-time
- Visibility of data licence terms
- Better understanding of data assets
- Creation of a data asset register and risk catalogue
Applied regularly thereafter the methodology can be used for:
- Procurement and supplier management
- Exploiting IPRs not otherwise utilised (e.g. enabling Data Monetisation)
- Improving product innovation (especially where third party IPRs may be used or impacted) so that potential infringements are identified and dealt with promptly and earlier in the development cycle
- Implementing best practice data procurement strategies for the collection of data from multiple data sources
The data intelligent organisation should focus on determining the means available to exploit the results in its day to day activities thus utilising previously unused assets in an informed, targeted and compliant manner.
Tom Thank you for your comments. I believe that monetisation is as compelling reason to undertake the exercise. Considering the increased attention to contract governance and controls, organisations may find that the information is already available. It may be as simple as locating the data internally and then finding a licensee or organisation that can use the data, on its own or as part of a larger data monetisation initiative. Suggest you read my other post on data monetisation for an overview of options.
Thanks again David for a thought provoking article. I think the 'BIG' in Big Data is enough to put most people off even starting to explore what you have suggested. Unfortunately things like risk of non compliance seems to get peoples attention far more than the opportunity to innovate off the back of it. Have you seen this work performed well by anyone as a case study?
Cyran thank you. Third party expertise (legal or otherwise) can often highlight further opportunities beyond what is immediately apparent and this is often where the real value may reside (ie discovering that a data asset can be licensed or sublicensed to third parties and ideally charged for).
Very incisive.
Great post. Obtaining buy-in from the Board that projects of this nature are are worth the time, money and effort is half the battle. That being said, do you consider that this is an exercise best executed utilising internal resource or with external consultants?