Maximise The Full Potential of Your Data Assets
Even if your primary business is not in collecting data, there's a good chance that your organisation already possesses data and insights that could be beneficial for your audience. With $200B+ in the global data economy market, and 73% of organisations not yet monetising their data, there's significant opportunity to unlock value from what you already have. But the question is, how do you identify it and realise its full potential?
Here are a few simple tips on how to find and extract the most valuable data assets in your organisation – along with some insight into how you can use it to inform your audience.
1. Assess Your Data Types
The most valuable data usually provides insights into your organisation, profession, industry or customers. From boosting efficiency and providing key work based insights to providing skill gap analysis and competitor analysis, it can help people to make better decisions, improve operations and create competitive advantages. However, not all data is equally valuable, so prioritise information that provides insights into your organisation or your end users.
Informally supports any data format or data feed, so you can upload your information quickly and easily into your data sharing platform.
2. Understand Your Audience
What problems can your data solve for your audience and what actionable insights does it offer? Is your audience looking for specific data related to markets, trends and behaviours? Once you know what your audience needs, you'll have more clarity on how to best present the data to your audience. Informally allows you to create simple charts, advanced visualisations, APIs, email alerts, PDF reports and LLM models - a host of simple tools that will help your data to generate a bigger impact.
Listings, complex data, charts, maps – Informally gives you complete control over the style and presentation of your data.
3. Check Data Quality
Before you share or monetise your data you need to ensure it is accurate, up-to-date and easy to access before you upload it. As a rule, the data should undergo a thorough cleanse before it is made public, as this will enhance trust and encourage repeat sales. Offering good quality data also makes it easier to promote, share and monetise – and you have the option to offer discounts, set up subscriptions, one-off payments and more. Informally can help with the cleaning, formatting and anonymisation of your data - get in touch with our team who will be happy to explain how it works.
4. Find Your Market Demand
Carry out relevant market research to identify where and how your data can be used by others. Look at what competitors are doing, who the buyers are and the price points. Use surveys and email campaigns to engage with your audience to better understand their data needs and what they are looking for. The most obvious starting point will be within your own sector, but it can also be the case that your data is beneficial to organisations operating outside of your field. Use this as a guide to organise and price your data into relevant packages that can then be promoted and marketed.
Start Your Data Journey Today
Whether you're new to data analysis or have years of experience, there are always new ways you can approach the task to make it relevant to the changing needs of your audience.
Informally can help you with the process from start to finish, offering support with everything from uploading your data to organising it inside your data sharing platform. To find out how, get in touch and we'll find a solution that works for you.