Test on Digital Data Monetization Strategies

Question 1: Top-performing companies generate a significantly higher percentage of their total company revenues from information solutions, which include market-facing digital data monetization offerings, compared to low-performing companies.

A. Ano

B. Ne

Explanation: The study materials state that 'top performers are reporting that information solutions represent 20 to 26 percent of total company revenues, as compared with 12 to 14 percent for low performers.' This indicates a significant difference in revenue generation from these activities for top performers.

Question 2: Top-performing companies with digital data monetization performance in the survey were characterized by their use of leading-edge data technologies.

A. Ano

B. Ne

Explanation: The study materials state that 'characteristics that predicted companies with top digital data monetization performance in our survey' included 'use of leading-edge data technologies'.

Question 3: According to the study materials, which of the following are considered key capability-building practices for 'customer understanding' in digital data monetization?

A. Involvement of customer-facing employees in product development

B. Master data management

C. Customer co-creation

D. Test-and-learn approaches and methodologies

Explanation: The study materials list 'involvement of customer-facing employees in product development,' 'customer co-creation,' and 'test-and-learn approaches and methodologies (e.g., A/B testing)' as key capability-building practices for customer understanding. Master data management is a practice for data asset curation.

Question 4: Which of the following activities did Insurance Australia Group Limited (IAG) undertake as part of its digital data monetization journey, beyond establishing a Hadoop-based data lake?

A. Centralizing the management of customer data and establishing dedicated teams for data quality and metadata.

B. Focusing solely on production data to predict and remediate operational breaks, as a core data monetization strategy.

C. Acquiring a forty-person analytics company and creating a customer advocacy team.

D. Implementing a framework for customer information and deepening data partner agreement reviews.

Explanation: IAG's digital journey included establishing a Hadoop-based advanced analytics platform, but this was only one of many complimentary activities. Other efforts included centralizing customer data management, establishing dedicated data quality and metadata teams, acquiring Ambiata for analytics talent, creating a customer advocacy team, creating a framework for customer information, and deepening data partner agreement reviews. The study materials mention 'data monetization by improving' often focuses on internal operations and saving money, which is different from IAG's market-facing digital data monetization focus.

Question 5: MIT CISR primarily focuses its research on topics such as global supply chain optimization and traditional manufacturing processes.

A. Ano

B. Ne

Explanation: The study materials state that MIT CISR provides insights on topics such as business complexity, data monetization, and the digital workplace, not global supply chain optimization or traditional manufacturing processes.