From Understanding Big Data To Monetizing It

Timo Elliott

There have been a lot of articles about the definition of the term “Big Data,” but the most common involves the 3 Vs, originally coined by analyst Doug Laney — Volume, Velocity, and Variety.

But as Bill Schmarzo has pointed out, most business people care about the 4 Ms instead — Make Me More Money! (For non-profit organizations, Marie Breton points out that the 4 Ms could equally stand for Make My Mission Matter.)

Doug Laney recently revealed exactly the kind of customer enquiries he now deals with at Gartner: “Most of our clients have evolved from asking about ‘What is Big Data?’ to ‘How do I benefit from Big Data?’”

Doug has been working on a new book about this, entitled Infonomics, due out in September 2017. Delightfully, it uses 3Ms to define the term: “Infonomics is the theory, study and discipline of asserting economic significance to information. It provides the framework for businesses to measure, manage and monetize information as a real asset.”

Here’s an explanatory slide Doug used in a presentation on Infonomics at the Gartner Tech Growth & Innovation conference:

Clearly, the future of data is all about moving from the Vs to the Ms!

So how can companies do that? Today, the majority of analytics departments say that their organization still doesn’t really treat information as a strategic asset:

As Doug puts it, “Most organizations have a better inventory of their office furniture than their information assets!”

And increasingly, it’s about much more than “just” business intelligence and analytics to improve corporate decision-making. Data is at the heart of new digital business models that allow companies to monetize information more directly than in the past.

To support companies in these efforts, SAP recently created a new initiative called the SAP Data Network. Learn how this “internal startup” headed up by former SAP CIO Helen Arnold, is essentially designed to help organizations with their Infonomics efforts.

This story originally appeared on timoelliot.com.


Timo Elliott

About Timo Elliott

Timo Elliott is an Innovation Evangelist for SAP and a passionate advocate of innovation, digital business, analytics, and artificial intelligence.