What's My Data Worth?

See original imageThat question seems to come up often. I know I’m sitting on valuable data but I’m not sure just how valuable. When it comes to using the data internally to improve operational efficiency or service delivery, the resulting cost savings demonstrates the value.  Or when using the data to identify new customer opportunities, either upsell to existing customers or identifying potential new customers, the resulting revenue generated demonstrates the value. But what if I want to take the data to market? What’s the data worth?  That question is harder to answer, but not impossible.

The first question I’d ask myself is what I already know.  What are the givens in the equation?  Think back to a math course. You are trying to solve a problem. What have you been told? In fact, I’ve been doing math with my son and that exercise has helped me in framing the approach to pricing data.  We know the length of one side of the triangle, and we know the relationship with the other sides. While we don’t know the length of all sides we know enough to figure it out.

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Digital Government: Digitally Enabled, Not Necessarily Digitally Delivered

The new eGovernment Benchmark 2016: A Turning Point For eGovernment in Europe? was published this week. Although many countries show progress toward the goals, the transformation is not happening as quickly as expected.  Public services are increasingly accessible, with 81% available online. However, one area that disappoints is user-centricity. While business-related services have improved significantly, citizen-related services lag particularly in ease and speed of use.  Results, however, differ by geography as delineated by a “digital diagonal” running from south-west to north-east. Those countries running diagonally through the middle of Europe seem to be digitizing more effectively. (See the figure to the right). Not all countries are transforming at the same pace – and not surprisingly.

I’ve been thinking a lot about “e-government” and “digital government” these days, and one thing bugs me: the push for online services. Yes, I like the convenience of being able to get things done online: renewing driver’s licenses, requesting permits, paying fines. But I also recognize that there are some things that might be better done in person. Yet not everyone has easy access to a government office.  My own regional administration is over an hour away by car, and I certainly don’t want to have to go there to get things done.  Therein lays a tension that isn’t necessarily solved by “digital services” but that can be addressed by “digital government.” 

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Doubting Thomas Or Devil's Advocate? CX Does Matter To Government

During a recent discussion of the Age of the Customer and how it applies to government, one of the participants from a government agency essentially asked why they should care.  The argument was “If I’m providing passport services why does customer experience matter to me? My “customers” can’t walk out that door and find another passport services provider.”  

Needless to say I was taken aback – not shocked really, this is the government after all and not traditionally known for accessible or user friendly services. But personally my experiences have never been as bad as the stereotype of government.  In fact, I just received a new passport in 2 weeks, having been told that it might take 3 – 6 weeks.  And, at least the rhetoric of late has certainly embraced, in principle, more customer centricity in government.  But here it was, the government monopoly argument rearing its ugly head.  At least to play devil’s advocate, suggesting that the sentiment did exist somewhere in the organization.

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Navigating The New Insights Service Provider Landscape

“We are in the business of building [FILL IN THE BLANK], why would we build an insights platform out ourselves.” 

That sentiment will drive more and more companies to explore the insights services option.  Many already feel like they are chasing a moving target. Data and analytics practices are evolving quickly with new tools and techniques moving the bar higher and higher. Not to mention the explosion of data sources, and the dearth of skilled talent out there.  As executives become more aware of the value of data and analytics, they become increasingly dissatisfied with what their organizations can deliver:  in 2014 53% of decision-makers were satisfied with internal analytics capabilities but by 2015 those satisfied fell to 42%.  These are the leaders who will look for external service providers to deliver insights. They realize they might not get there themselves.

The sentiment expressed in the quote above was actually from a consumer packaged goods company.  For its execs winning in cities has become paramount.  As urbanization increases, cities provide big opportunities. But not all cities are alike and differentiating what they take to a specific market requires deep local knowledge – and a lot of diverse data.  To create hyperlocal, timely, and contextually relevant offers, the company needs data on local news, events, and weather as well as geo-tagged social data. All of that must be combined with its own internal and partner data.  

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Improving The Reality Of Government: AR And VR Use Cases

Since Mobile World Congress, where the reality on the show floor was often either virtual or augmented, I’ve been thinking quite a bit about the practical uses of AR and VR – particularly in government and a smart city context. It’s not just all fun and games, is it?

The example of changing a roller coaster experience with new settings delivered via VR glasses is really cool. Yes, you can imagine repeating the ride to experience catapulting through medieval battle, flying through a tropical jungle, or bobsledding down alpine slopes. But the practical side of us – or at least me – wants to know what else there is. And, fortunately, I have a colleague who has already been thinking of these things.

A few months ago, I had the pleasure of collaborating with JP Gownder on a presentation for Forrester clients in Geneva.  I presented on the ways to derive value from data and opportunities to leverage new insights service providers – clearly something top of mind for many of our clients. But alas JP’s presentation was much cooler, providing examples of how to derive real value from new technologies including AR and VR.  Since then I’ve being thinking about how the two are related.  And, in fact, they are.

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"Sustainability" - What Does It Mean For Your Business?

Forrester is kicking off research on what it means to be a sustainable business and why it matters. In short, it matters because customers and investors care. But what do they care about? And, what does sustainability mean to them, and to the companies they do business with? 
First stop in exploring the definition of something is, of course, a search for the term. “Sustainable” means that something can go on, and continue and “be maintained at a certain rate or level.” For consumers, that might mean their health, their environment, or the health and environment of others -- but also their budgets. The literature on sustainability often refers to three pillars: social, environmental and economic. But how does this translate into business metrics?
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Musings on Mobile World Congress 2016: IoT Generates Insights From Cows To Customers

More than 100,000 people descended on Barcelona, Spain last week to be part of Mobile World Congress (MWC), one of the world’s largest annual technology events. My new report, IoT And Insights Are Two Sides Of The Same Coin, recaps some of  the MWC 2016, including expectations for new 5G networks, the Internet of Things (IoT), and applications that will deliver value from the multitude of connected things — and people. A few of those highlights include:

5G Networks Promise Speed But Require Patience. 

Telecom operators and network equipment providers eagerly discussed the faster speeds and lower latency of new 5G networks.  And, fast it will be. While reports vary, network tests show download speeds peaking at more than 20 Gbps; average 5G speed is expected to be 100 times faster than current 4G networks. With that kind of speed, true video streaming becomes a reality for consumer and business uses. And, that reality can be with virtual or augmented: AR and VR were all over the exhibit hall. I successfully fought with a dragon but had to bail out of the helicopter I was flying as the experience got a little too real.

But alas, these good things only come to those who wait. The 5G standards will not be finalized before 2018; and commercial availability not before 2020 at the earliest. Large-scale network rollouts will likely take much longer. For now, we’ll all have to live with 4G reality as it is.

Interest In The Internet Of Things Is Exploding – Well Beyond Things.

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Expectations For Mobile World Congress 2016: Is Mobile Everything?

We’re now only a week away from the Mobile World Congress 2016 to be held again in Barcelona.  As the excitement builds and we plan our schedules, it serves us to reflect back on last year’s event and to explore what we expect this year.

Mobile World Congress remains the pre-eminent event of the mobile industry and now one of the largest global events across all industries – a fact which illustrates an ambiguity in the meaning itself of “mobile industry.” Last year, over 94,000 people attended the event – a 10% increase from the 2014 event but a 30% increase over the 2013 event. Interest in “mobile” continues to grow – for now.  But the most interesting stat about past attendees is diversification. Yes, the event continues to draw representatives from mobile operators, device manufacturers, network equipment providers, software vendors, and other usual suspects.  But representation from other industries is growing.  Last year almost ¼ of attendees came from industries other than telecom and technology, including 4% from finance, 3% from government and others from automotive, pharmaceutical, retail, education, and entertainment.  I expect even more diversity this year.

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Introducing The New Insights Service Provider

Do you ever feel like you’re facing a moving target?  Whether it’s the latest customer requirements, or how to improve operations, or to retain your best employees, or to price your products, the context in which you are doing business is increasingly dynamic.  And, so are the tools you need to better understand that context?  Everyone is talking about the promise of big data and advanced analytics, but we all know that companies struggle to reach the Holy Grail. 

Data and analytics tools and the skills required to use them are changing faster than ever. Technologies that were university research projects just last year are now part of a wide range of products and services. How can firms keep up with the accelerated pace of innovation? Alas, many cannot. According to Forrester's Q3 2015 Global State Of Strategic Planning, Enterprise Architecture, And PMO Online Survey, 73% of companies understand the business value of data and aspire to be data-driven but just 29% confirm that they are actually turning data into action. Many firms report having mature data management, governance, and analytics practices, but yesterday's skills are not necessarily what they will need tomorrow — or even today.

The same goes for data sources.  We all know that using external data sources enhances the insights from our business intelligence.  But which data and where to get it?

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Forrester’s 2016 Data Predictions: Out With Data Pack Rats. Turn Data Into Action

Instinctively we know that it is not just about collecting the data. Big and bigger doesn’t necessarily make you smart and smarter.  It just makes you one of those pack rats that has piles of stuff in all corners of your house.  Yes, it might be very well organized and could have a potential use that makes it work keeping. But will you ever take it out and use it? Will you ever really benefit from what you’ve so painstakingly collected? Likely not.

Image GalleryDon’t be a data pack rat.  This is the year to turn your data into actions and positive business outcomes.

In 2016, the energy around data-driven investments will continue to elevate the importance of data and create incremental improvement in business performance for many but some serious digital disruption for others.  Here are a few of our data predictions for 2016.

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