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Realizing Value from Data: A recap of our webinar with Forrester Research

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Realizing Value from Data: A recap of our webinar with Forrester Research

GoodData recently teamed up with Forrester Research to present our latest webinar, “Realizing Value from Data.” Gene Leganza, VP & Research Director at Forrester, and Jeff Morris, VP of Data Monetization Strategy & Success at GoodData, explored ways to drive revenue streams by distributing data and analytics to internal and external business networks.

Leganza and Morris discussed the latest Forrester research around this issue, offering the audience three key takeaways:

1. Getting to market quickly is more important than getting your data perfect.

Many organizations are behind the curve when it comes to commercializing their data assets (and even leveraging those assets internally) because they’re waiting until their data is “just right.” As Leganza pointed out, these companies are wasting precious time that could be spent iterating and gaining actual user feedback — the same feedback that could, ironically, help make their data “just right.” With each day they wait, they fall further behind competitors who are already in the game, and that wait is costing them.

2. Companies that are data driven are rocketing away from those who are not.

Companies that have capitalized on opportunities to monetize their data are accelerating away from their competitors. Catching up is no longer an option. These first movers launched their products quickly — imperfect as they were — and set into motion the cycle of iteration-feedback-improvement that is already taking them to higher and higher levels. If your goal is to fly past your competitors — leaving them in the dust — then the time to become data driven is now.

3. The winners will be those who can measure their success.

The most successful analytics products not only deliver top-quality, actionable data to the customer, but they also send usage data back to the provider. By offering answers to questions like “Who is using the tool?” “How often are they using it?” and “Who is not using it?” analytics can help your company see what’s working, what can be improved, and which areas could benefit from additional resources like training or documentation. Companies that incorporate this data into their products and use it to foster continuous improvement will be the ones who accelerate all the way to the finish line — miles ahead of their competitors.

For more insights from Leganza and Morris on how to drive revenue streams through data products, watch the webinar replay here.

Written by GoodData Author  | 

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