The value of your data is potentially greater than all other intangible balance sheet assets like copyrights, patents, trademarks, goodwill, or customer lists.
Management teams need to be thinking about how their data can be used in new, creative, and unconventional ways to drive strategy and enterprise value.
This article outlines what questions boards should be asking and also offers a playbook for making the data and analytics pitch to your board.
The Question: How Can A Board Help Drive Data and Analytics Strategy?
• Organizations serious about data & analytics should be having conversations with their board about why D&A support and investment is necessary for the execution of strategy.
• Boards need to be asking:
• Bartering is one of the 8 ways data can be monetized. It is one of our favorites at Strategy Titan.
Why Data Bartering Is Great
• Can be a potent tool for moving a customer conversation from price to value.
• Can be a valuable market penetration or share of market/wallet strategy without conceding on price. Savvy organizations are leveraging this technique today with great results.
• Data is a nonrivalrous asset and can be used multiple times for multiple purposes at the same time.
• You can leverage this strategy using data you already have
Tips For Presenting To Boards
• Have exceptionally clear examples of how data and analytic investments will translate to P&L improvement. Examples may include:
• Speak the language of the board. Keep the conversation crisp and focused on what matters to them. Avoid technical details unless asked.
• Have clear vision and proposal for next steps. Highlight how it supports the objectives laid out by the board.
• Socialize the topic before the meeting with the board. This is perhaps one of the most critical step. It helps to ensure a level of alignment and support heading into the meeting.
• Borrowing from Doug’s book “Infonomics”, introduce infonomics as an emerging discipline that can enhance enterprise value, open new markets, drive competitive advantage, and deliver new revenue & profit.
Be sure to check out all the videos from our “Data & Analytics in the Boardroom: Raising Your Digital Quotient” series.