3Pillar was named in a September 8, 2014 Forrester Research, Inc. report targeted to CIOs on the growing trend of companies monetizing data or data byproducts. Titled, “It’s Time to Take Your Data to Market: Your Data May Have Tremendous Commercial Potential,” the research report looks at how many companies and their product development partners are creating valuable new product offerings by culling data from a number of sources.
The report cites examples of how companies are monetizing data both directly and indirectly. It lays out a process for evaluating the vital business considerations necessary to build a data-driven product. The report also looks at some of the privacy concerns data commercialization raises and some of the risks inherent in using potentially sensitive information like location to provide users with a new product or service.
Among the studies the cite reports is one on the importance of using data from partners or third-party sources to a company’s overall business strategy. Those companies with the highest year-over-year growth were far more likely to place a premium on using data from partners or third-party sources than companies with more measured growth.
The report was written by Jennifer Belissent, Ph.D., Charles Green, and Gene Leganza with Dr. Holger Kisker, Enza Iannopollo, and Deepti Datta. The description of the report on the Forrester website reads:
Data is exploding — some statistics claim 90% of the world’s data has been generated in the past two years. This environment has resulted in companies starting to examine the commercial potential of all the data they generate and collect. Does it have value to other organizations? If it does, how can you bring a “data product” to market? This report outlines the emerging world of data commercialization and helps CIOs identify the key steps to considering, and harnessing this new business opportunity.
Forrester clients can download the full report for free on the Forrester website. For non-Forrester clients, the report is available for purchase.