How to monetize, manage and measure data as an asset

Originally Posted on Interface Magazine: Here

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Doug Laney, Innovation Fellow at West Monroe and a leading Data & Analytics strategist was interviewed by Interface Magazine. The discussion centered on how companies can monetize, manage, and measure to realize the potential of their data.

Nomad Data was featured on page 20 when Doug expounded on the importance of discovering and managing third-party data relationships.

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We also work with Nomad Data, they’re basically the Google for third-party data. The value of data extends beyond a company’s own four walls. And those organisations that really are driving analytics value are incorporating external data from open data sources, from their partners, from syndicated data sources, from harvested web content etc. Nomad Data has a library of not only commercial third-party data, but other companies who are making their data available and select buyers that are non-competitive. Nomad Data has this searchable catalogue for any kind of data or use case taking advantage of third-party data that you can come up with.

They have also introduced an interesting solution for data relationship management. So, what are all of the data sources that you’re ingesting as a company? Many companies ingest dozens or even hundreds of third-party data sources, and they don’t manage those relationships particularly well. Most companies have an individual or a department dedicated to procuring office supplies, but they don’t have a single person dedicated to procuring data supplies. And it becomes a real problem within their organisation as to who they’re licensing data from and the terms of those licensing deals. Are they duplicating it? Are they actually using that data and taking advantage of it? Nomad has introduced a solution for that for organisations to manage their third-party data relationships.”

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