Many companies generate a wealth of data, but to what end? CIOs are increasingly facing internal pressure to find a way to commercialize and draw profit from this data. Forrester recently analyzed how companies derive value from their data and take it to market and found that one-third of data and analytics business decision makers are commercializing their data for revenue.
Here are additional key findings:
- B2B and B2C firms commercialize equally. With all of the concerns about data security and privacy, one might expect that B2B firms would be more likely to commercialize their data than B2C firms. However, that is not the case. Companies that sell exclusively or mostly to consumers are just as likely to commercialize data as those that sell mostly or exclusively to other businesses.
- The CIO’s role is changing. The growth of the data economy offers CIOs the opportunity to transform their role in terms of both data supply and demand. CIOs facilitate the increasing use of data within their organizations through access to internal data and integration with external data sources, effectively becoming a data broker.
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