Data Is Everybody's Business: The Fundamentals of Data Monetization

by Barbara H. Wixom, Cynthia M. Beath, Leslie Owens

A clear, engaging, evidence-based guide to monetizing data, for everyone from employee to board member.

Most organizations view data monetization—converting data into money—too as merely selling data sets. But data monetization is a core business activity for both commercial and noncommercial organizations, and, within organizations, it’s critical to have wide-ranging support for this pursuit. In Data Is Everybody’s Business, the authors offer a clear and engaging way for people across the entire organization to understand data monetization and make it happen. The authors identify three viable ways to convert data into money—improving work with data, wrapping products with data, and selling information offerings—and explain when to pursue each and how to succeed.

Key features of the
•       Grounded in twenty-eight years of academic research, including nine years of research at the MIT Sloan Center for Information Systems Research (MIT CISR)
•       Definitions of key terms, self-reflection questions, appealing graphics, and easy-to-use frameworks
•       Rich with detailed case studies
•       Supplemented by free MIT CISR website resources (cisr.mit.edu)

Ideal for organizations engaged in data literacy training, data-driven transformation, or digital transformation, Data Is Everybody’s Business is the essential guide for helping everybody in the organization—not just the data specialists—understand, get excited about, and participate in data monetization.

Genres: Business, Nonfiction

200 pages, Kindle Edition

Published September 26, 2023

Reviews

[Rafael Ramirez · Rating 5 out of 5]

Muy interesante libro sobre los diferentes modos en que una organización puede monetizar sus datos, es decir, no solo utilizarlos para mejorar sus productos o servicios sino, más fundamentalmente, para generar valor que se refleje en sus resultados financieros.

En la actualidad, casi todos los directivos están convencidos del potencial de los datos y la analítica en los negocios, sin embargo, su implementación se sigue quedando corta y muchas veces no se alcanzan los objetivos buscados a pesar de haber hecho grandes inversiones. Este libro contiene un marco de referencia útil y varios ejemplos prácticos de empresas que no solo afirman querer utilizar los datos para crear valor, sino que han cambiado sus procesos y su cultura para lograrlo de manera efectiva y con resultados tangibles

[Kiona Meade · Rating 4 out of 5]

Overall, I liked the book and examples it provided. I think the writing style was also ideal - and the book length felt just right in terms of being concise and informative and not droning on. I gave it 4 stars because there’s nothing particularly revolutionary that’s presented in the book, but still a good overview and foundation for data monetization.

[Rhodes Davis · Rating 4 out of 5]

The content in this book is very valuable for those of us in the data industry in understanding how to communicate the potential value of an organization's data through value created in optimal organizational performance, market share through enhanced products (including services) and support, and selling data within approved structures. They have an assessment in the appendix to help integrate the concepts discussed in the book.

The authors are business and/or technology professors, two from MIT, so they are well qualified to speak on this subject and have good data and research to support their positions. That being said, it was a hard read, even for someone in the industry, as it is written in a lecture tone. I felt some of the content was repetitive, which was distracting. However, they do explain the concepts thoroughly and this is an information-rich resource. If you are a non-technical business reader, you will likely think it is too detailed. If you are willing to put in the work, the material can be valuable to your organization.

[Anthony · Rating 3 out of 5]

Valuable to set the stage for data capability frameworks. Hope to see number two that dives further into earlier companies. It's very high level with mention of value and economic impact without numbers, which makes it hard to compare and think of the manner in which you measure (from the best at deriving value). Too many co's don't measure in productive manner, or lagging indicators that aren't going to allow a timeline for a transformation such as this.

[Hanna Hagström · Rating 4 out of 5]

Selkeä peruskirja. Ei suuria yllätyksiä, mutta pidin selkeydestä, rakenteesta ja miten data-teema oli pilkottu kokonaisuuksiin datan monetisoinnista, tiimin rakenteesta, data mgmtiin ja organisaation muutokseen. Selkeitä esimerkkejä myös. Jos aihe on tuttu, tämä ei tuo mitään mind blowing ahaa -elämystä .

[Jason Capp · Rating 4 out of 5]

Pragmatic approach to assessing business capability for data management and implementation of monetization practices. I appreciate the improving and wrapping approach to monetization which I have worked with. I always assumed that selling was the only way to make money from data. Some good things to test out in work.

[Jason · Rating 3 out of 5]

Some interesting ideas. I look forward to seeing how we can implement these ideas at my organization.

[Paul · Rating 3 out of 5]

Interesting concepts and frameworks and will see how helpful after trying to apply in practice