Getting started: Creating a data commercialisation strategy that works

Trying to commercialise your data without a solid strategy is like building a house without an architect: you’re unlikely to get very far. Your data commercialisation strategy should cut across your entire organisation. Once it’s in place, business functions will align. Executives will be empowered to innovate. And the right cultural shifts will happen to effect change. But what does an effective data commercialisation strategy look like? And who should lead the charge?

If you’re to unlock the true value of your data, you must look beyond tactical approaches and inject data-driven insight into every part of your business. To do this, you’ll need an effective data commercialisation strategy.

We set out the five habits that allow data leaders to develop data commercialisation strategies that work. Taken together, they help these organisations to unleash the true value of their data.

They keep their eyes on the prize

Data leaders have a clear idea about how they’ll unlock value from their data. In our study, 100% of these organisations have a specific data commercialisation strategy. The most visionary have developed a single overarching plan that guides and coordinates all efforts across business units and regions. Others rely on several strategies for different use cases. By contrast, data laggards invest more time and energy into compliance-related strategies (Fig. 1). In doing so, they’re missing a huge opportunity for data-driven insight. The vast potential of their data assets remains wholly untapped.

They think big

Data assets provide a treasure trove of information and IP that can radically change the fortunes of a business. Data leaders are determined to unleash this opportunity. When asked about why they were adopting data strategies, they cited ambitious goals. They want to use data-driven insight to develop new products, personalise existing ones, improve marketing and ultimately generate revenue. Data laggards don’t share this vision. They instead focus on low-hanging fruit, such as how their data can support internal compliance or risk mitigation.

They adopt a Pied Piper mentality

Too many executives develop data commercialisation strategies in isolation. Data leaders are different. They believe all departments should buy into their data commercialisation efforts. So, while their strategy is typically led by IT, they also field views from across the business. Operations and procurement/supply chain management functions are integral players, as are product development, risk and compliance, and R&D teams. What’s also interesting is that data leaders are three times more likely than laggards to engage their legal functions (Fig. 2). This cross-departmental mentality is vital to ensuring data commercialisation strategies not only work but also deliver true business value.

They look over the wall for insights

Data leaders rely heavily on outside opinion when developing their data commercialisation strategies. In our study, 90% of data leaders say they extensively consult external experts, compared to 67% of data laggards. From our experience, external experts bring objectivity to discussions. They can identify overlooked opportunities, benchmark your performance and ideas against others, and ensure legal compliance. They can also help you access talent that is otherwise difficult to develop or hire.

They balance risk with reward

Data commercialisation efforts often veer into unchartered territory, particularly at the start. Executives rarely have experience in unlocking data value at scale. This means they’ll need to accept a degree of commercial and technological risk and be willing to experiment and fail fast. What’s interesting from our research is that data leaders appear to be better at controlling these risks. It reveals that 85% of data leaders adopt strict governance processes to guide decisions about which data commercialisation projects to back. This falls to 67% for data laggards. Clearly, data leaders are keen to ensure all risks are calculated.

So, how do your data commercialisation efforts measure up?

Take our benchmarking tool to find out, and to access exclusive recommendations on how you can win The Big Data Race.

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