Flashcards on Digital Data Monetization Strategies
Digital Data Monetization Strategies: A Student's Guide
Tap to flip · Swipe to navigate
Data monetization
27 cards
Card 1
Question: What is digital data monetization as defined in the content?
Answer: When companies generate direct or indirect economic returns from market-facing, analytics-based products, features, or experiences.
Card 2
Question: What proportion of overall data monetization returns do companies generate from 'data monetization by improving' (internal operations)?
Answer: On average, companies generate 51 percent of their overall data monetization returns from improving internal operations.
Card 3
Question: What is 'data monetization by improving' and why is it considered a safe pursuit?
Answer: It refers to leveraging data, systems, processes, and people to increase efficiency and cut costs (internal operations). It's considered safe because
Card 4
Question: How much of data monetization returns come from market-facing analytics products, features, and experiences?
Answer: Companies generate 49 percent of their data monetization returns from delivering analytics products, features, and experiences to the marketplace.
Card 5
Question: Why do established companies find market-facing data monetization challenging compared with digital companies?
Answer: Because it requires elevated analytics service quality, intimate customer interactions, and management of unintended externalities—areas digital compa
Card 6
Question: What did the survey analysis find about top-performing companies and their involvement in data monetization activities?
Answer: Top-performing companies (in revenue growth, profitability, innovation, agility, and time to market) are involved in significantly more and better dig
Card 7
Question: List the practices the content suggests leaders should score their companies on to assess potential for successful market-facing data and analytics of
Answer: Use of leading-edge data technologies, external APIs, use of machine learning, an analytics-savvy product unit, customer co-creation, and customer sel
Card 8
Question: What is the recommended way for business leaders to plan and deploy data activities for better coordination?
Answer: Use the five digital data monetization capabilities to coordinate across data activities and evaluate which monetization capabilities each activity bu
Card 9
Question: How does the content describe the role of data lakes, data science programs, and sensorizing products in a company's digital journey?
Answer: These efforts may seem like large, isolated initiatives but should be viewed as steady drumbeats on the company's journey to become digital and as act
Card 10
Question: What outcomes were top-performing companies achieving that correlated with stronger digital data monetization activities?
Answer: Higher revenue growth, profitability, innovation, agility, and faster time to market.