SEPTEMBER 2018CIOAPPLICATIONS.COM9around. And I know, baby, just how you feel. You got to roll with the punches and get to what's real." However, you might say, how do I start that massive task? Again, Van Halen speaks to us in their lyrics, "You say you don't know, you won't know until you begin."If you consider that the vast majority of that data that you might find in your organization can be considered "Dark Data". Which are basically the information assets that organizations collect, process and store during regular business activities, but generally fail to use for other purposes. There is usually a low-cost way to start as you can look for ways to monetize that existing resource. You can begin by asking yourself four questions:1. Who is your "target" customer?2. What products/services do you offer to the customer?3. How do you generate revenue?4. How can you create the customer value proposition?Data Innovation usually requires you to change at least two of the fourA successful data innovator refines, Improvises, adapts and combines existing data elements into new revenue-generating models. I contend there are only four "easy" steps to be successful in "data innovation": 1. Initiation- Analyze your current customer model2. Mediation- Introduce "new" customer models by changing at least two of the components (Who, How, What, Value)· How are your competitors doing it?We as an industry are collecting data much quicker than we can consume it. When you look at the numbers, we in the United States alone are now creating over 25 petabytes per day· Challenge your basic assumptions· Disregard basic tenants of your organization and/or industry3. Integration- Examine all four new components against organizational "fit"4. Implementation - Awaken your Innovation beast using a standard iterative "Agile" model (Design-Build-Test-Repeat)Now, I know that I said there were four "easy" steps, but you will need to keep a few things in mind regarding Innovation. It almost always involves some sort of organizational change and with the knowledge that more than 70 percent of Organizational Change initiatives fail, keep a few rules in mind:· Only implement one new customer model at a time· Don't overemphasize KPI's · Innovation needs time to mature· Overcome the " Not the way we do it"Remember data innovation usually means learning from others and "re-inventing" your customer model. The key factor is to help decrease the current "data gap trajectory" which may well be critical to staying competitive in your industry.Confucius said "Everything has Beauty.....But not everyone sees it." I like to say that All Data has Value, but not everyone sees it so as Van Halen said..... "Ya, Might as well jump. Go ahead, and jump".......the Data Gap that is.
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