Companies have large quantities. Often more than they realise. Unfortunately, the value of this data is often underestimated – and therefore remains unused. This means you ignore opportunities as a company. Because data is not only useful for your business operations, but can also give your company more market value and even create new revenue models. The possibilities of converting that internal data into value are up for grabs. What data can you capitalise and how do you go about that?
Data as a boost to your market value
We live in a time when data can be decisive for the market value of a business. For instance, take AirBnB, the largest hotel chain in the world, which does not own a single hotel itself. Or Uber: the largest taxi network in the world that does not own a single taxi. Both powerhouses are so successful due to the enormous amount of data they have access to. Thanks to that data, they can create unique touchpoints with their customers, which creates a lot of added value. Conversely, you also see that data can be decisive for the market value of a business: Yahoo lost 20% of its market value after a data leak in the negotiations with Verizon.
Data as an impulse for your business processes
The data you have as a business can also be used to improve business processes or customer experiences. For instance, Nike has its own data lab where they analyse all the data that is collected from their apps and website. On the one hand, they use that data to improve their products, for instance by identifying popular colours and models. On the other hand, they offer their customers a better experience by offering them the right products based on their sports performance.
What internal data can you capitalise?
If you have unique data that is interesting to another company, you can even attach a price tag to that dat. There are different data sources you can sell. That data is found in different departments within your company. Think of customer data, logistical data, financial data, data from web shops, from newsletters and from website visitors. How can you capitalise these?
Link data to each other
In many cases, data does not add that much value on its own. It becomes interesting once you link data from different departments together and analyse it. Suppose you are a retailer who is on the road a lot with packages to customers. But those packages are regularly delivered incorrectly, which costs money. A data analysis can help you recognise a pattern and adapt your internal processes. The financial department may have the payment data of the residents at those addresses, which could be the cause of the problem. You can also link data of external parties if you do not have the necessary data.
A few tips for data capitalisation
- Start lean, but work like a top athlete: keep track of everything regarding your customers and processes.
- Create a multidisciplinary team. Have different departments look at what information is already present and what is needed to improve the business processes.
- Find out what internal data is unique and interesting to other companies.
- Get the help of a data scientist.
- Always keep in mind that the privacy of the consumer comes first. This is not only legally, but also socially responsible.
The possibilities of data capitalisation are endless. Would you like to discuss what data capitalisation could mean for your company? I am happy to think with you. Please feel free to contact me for a cup of coffee.