Converting data into dollars; the business of monetizing data | #MITCDOIQ
by Zoe Bernard | Jul 14, 2016
The language gap between business and tech is a barrier that Steve Todd, VP of Corporate Strategy at EMC, and Doug Laney, VP and Chief Data Officer (CDO) at Gartner, are intent on breaking down. And while transforming current business models is gradual work, they’re innovating a shift in traditional paradigms.
“Companies that traditionally sell products are realizing that they need to start making money out of data in order to grow their revenues,” Todd told Stu Miniman (@stu) and Paul Gillin (@pgillin), hosts of theCUBE, from the SiliconANGLE Media team, at the MIT CDOIQ Symposium. “These companies are considering ways to attach value to their content. We have CEOs looking to CDOs and asking, ‘How can I create value for this data?'”
And while there’s plenty of work to be done in learning exactly how to set a dollar sign on data, Laney said the interest in monetizing information is growing more and more. “In a year and half of doing research, we’ve talked to so many people who are hungry for equations and hard approaches,” he said.
Is there a foolproof formula for monetizing data?
However, finding a foolproof formula for monetizing data is further away than you might think. While Todd and Laney have spent plenty of time working with valuation experts to derive formulas and models, they say that measuring the value of an intangible asset is notoriously tricky work.
The current system is a bit like the Wild West of data valuation — fraught with imprecise bartering and negotiation. “Even companies that sell datasets don’t have a set formula or standard,” said Laney. “It’s extremely important that we find a way to formulate this process.”
#MITCDIOIQ
#theCUBE
Forgot Password
Almost there!
We just sent you a verification email. Please verify your account to gain access to
MIT Chief Data Officer and Information Quality Symposium (CDOIQ) 2016 | Cambridge. If you don’t think you received an email check your
spam folder.
Sign in to MIT Chief Data Officer and Information Quality Symposium (CDOIQ) 2016 | Cambridge.
In order to sign in, enter the email address you used to registered for the event. Once completed, you will receive an email with a verification link. Open this link to automatically sign into the site.
Register For MIT Chief Data Officer and Information Quality Symposium (CDOIQ) 2016 | Cambridge
Please fill out the information below. You will recieve an email with a verification link confirming your registration. Click the link to automatically sign into the site.
You’re almost there!
We just sent you a verification email. Please click the verification button in the email. Once your email address is verified, you will have full access to all event content for MIT Chief Data Officer and Information Quality Symposium (CDOIQ) 2016 | Cambridge.
Thanks for confirming your account. Now you can access MIT Chief Data Officer and Information Quality Symposium (CDOIQ) 2016 | Cambridge with this email address.
I want my badge and interests to be visible to all attendees.
Checking this box will display your presense on the attendees list, view your profile and allow other attendees to contact you via 1-1 chat. Read the Privacy Policy. At any time, you can choose to disable this preference.
Select your Interests!
add
Upload your photo
Uploading..
OR
Connect via Twitter
Connect via Linkedin
EDIT PASSWORD
Share
Forgot Password
Almost there!
We just sent you a verification email. Please verify your account to gain access to
MIT Chief Data Officer and Information Quality Symposium (CDOIQ) 2016 | Cambridge. If you don’t think you received an email check your
spam folder.
Sign in to MIT Chief Data Officer and Information Quality Symposium (CDOIQ) 2016 | Cambridge.
In order to sign in, enter the email address you used to registered for the event. Once completed, you will receive an email with a verification link. Open this link to automatically sign into the site.
Sign in to gain access to MIT Chief Data Officer and Information Quality Symposium (CDOIQ) 2016 | Cambridge
Please sign in with LinkedIn to continue to MIT Chief Data Officer and Information Quality Symposium (CDOIQ) 2016 | Cambridge. Signing in with LinkedIn ensures a professional environment.
Are you sure you want to remove access rights for this user?
Details
Manage Access
email address
Community Invitation
Doug Laney & Steve Todd -#MITCDOIQ - #theCUBE
Converting data into dollars; the business of monetizing data | #MITCDOIQ
by Zoe Bernard | Jul 14, 2016
The language gap between business and tech is a barrier that Steve Todd, VP of Corporate Strategy at EMC, and Doug Laney, VP and Chief Data Officer (CDO) at Gartner, are intent on breaking down. And while transforming current business models is gradual work, they’re innovating a shift in traditional paradigms.
“Companies that traditionally sell products are realizing that they need to start making money out of data in order to grow their revenues,” Todd told Stu Miniman (@stu) and Paul Gillin (@pgillin), hosts of theCUBE, from the SiliconANGLE Media team, at the MIT CDOIQ Symposium. “These companies are considering ways to attach value to their content. We have CEOs looking to CDOs and asking, ‘How can I create value for this data?'”
And while there’s plenty of work to be done in learning exactly how to set a dollar sign on data, Laney said the interest in monetizing information is growing more and more. “In a year and half of doing research, we’ve talked to so many people who are hungry for equations and hard approaches,” he said.
Is there a foolproof formula for monetizing data?
However, finding a foolproof formula for monetizing data is further away than you might think. While Todd and Laney have spent plenty of time working with valuation experts to derive formulas and models, they say that measuring the value of an intangible asset is notoriously tricky work.
The current system is a bit like the Wild West of data valuation — fraught with imprecise bartering and negotiation. “Even companies that sell datasets don’t have a set formula or standard,” said Laney. “It’s extremely important that we find a way to formulate this process.”
#MITCDIOIQ
#theCUBE
