Adopting a Data-Sharing Mindset for Business Acceleration (1)

Adopting a Data-Sharing Mindset for Business Acceleration

Data professionals across the spectrum of business are coming to the realization that data sharing has a critical role to play in accelerating the digital business of their organizations. But data sharing – itself a growing phenomenon due to the adoption of new capabilities supported by Databricks and Snowflake technologies – can be the catalyst for far more significant benefits, offering prospects a gateway to core services and giving existing clients new ideas on how to make more and better use of those services.

The benefits of data sharing as a way of improving customer satisfaction are well documented. Gartner, for example, has stated that “Data and analytics leaders who share data externally generate three times more measurable economic benefit than those who do not.” Indeed, according to the Sixth Annual Gartner Chief Data Officer Survey, respondents who successfully increased data sharing led data and analytics teams that were 1.7 times more effective at showing demonstrable, verifiable value to their stakeholders.

But innovative organizations are realizing there is more at stake than a warm, fuzzy feeling. As Gartner itself acknowledges, “Managing data and creating insights is not enough to accelerate digital business transformation. These activities must deliver measurable business outcomes.”

Specialists like TickSmith are helping financial institutions and others to turn their valuable data sets and analytical insights into measurable business outcomes. For many organizations, this result necessarily requires them to take three discernible steps.

First, they must come to the realization that their data is valuable to organizations other than their own. Often, data scientists generate and share data and analytics internally as a kind of proof of concept, to raise visibility of their work, or to get buy-in for their projects from the wider organization. But less frequently do data and analytics teams stop and consider whether the insights they are generating may have real value for external consumers.

Once they have reached this realization – and identified the valuable elements of their datasets as well as the personas of the external organizations that may find them useful – data and analytics teams need to put in place e-commerce disciplines that will allow them to monetize their insights through a dedicated data sales program rather than sharing free of charge.

Finally, organizations need to finesse their approach to e-commerce for data sales, to the point that their offering is a commercial differentiator that adds value to the organization. Once this last step is taken, institutions can expect to see rising interest in their commercially distributed data and analytics.

But the story doesn’t end there. In fact, this is just the beginning of data and analytics’ role as a sales enabler for core services. Increasingly, firms that implement the kind of e-commerce platform offered by TickSmith’s Enterprise Data Web Store regard their data and analytics not only as mission critical for servicing paying customers of those services, but also mission critical for uptake among these customers of the organization’s core services. They are finding that professionals who consume their data typically go on to consume their core services as well.

One of TickSmith’s major clients, Chicago global derivatives exchange operator, CME Group, once regarded its data services as a necessary cost; it felt it was obligated to provide member firms and their clients with the data they needed to remain in compliance or assist in orderly market processes. Having implemented the TickSmith Enterprise Data Web Store, CME Group saw a 50% increase in consumption of its fee-liable data services. Moreover, these services have now become the main entry point to all CME services, including its core activities of listing, trading and market data. Once regarded as a cost center, CME’s data services are now a value center for customers and for the organization itself.

The CME Group example is illustrative of the strategic value of data and analytics, not merely as a way of increasing stickiness of existing customers but as the catalyst for boosting business across the board. There are other benefits too. Lydia Clougherty Jones, Senior Director Analyst, Gartner, says “D&A leaders who promote data sharing have more stakeholder engagement and influence than those who do not.” The Gartner survey also showed that promoting data sharing and breaking down data silos was most often linked to high-performing D&A teams providing value to the organization.

Gartner believes “the traditional ‘don’t share data unless’ mindset should be replaced with ‘must share data unless’. By recasting data sharing as a business necessity, data and analytics leaders will have access to the right data at the right time, enabling more robust data and analytics strategies that deliver business benefits and achieve digital transformation.”

Platforms like the TickSmith Enterprise Data Web Store can support organizations as they embark on their data sharing journey. Find out how by downloading our white paper:

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