VIDEO | West Monroe Data Analytics Strategy Innovation Fellow: Using Data Generates More Data

(US and Canada) Douglas Laney, Innovation Fellow, Data and Analytics Strategy at West Monroe, speaks with Kellie De Leon, Treasure Data’s Senior Director of Marketing, in a video interview about the economic properties of data, data monetization, and the role of customer experience in developing data products.

Laney finds data’s unique economic properties exciting. He points out that data, unlike oil, can be used repeatedly, multiple times, and simultaneously, generating more data when used. Laney emphasizes that companies that capitalize on these properties succeed in today's economy.

Laney mentions a couple of legal cases related to data and analytics. One is a class action suit filed by businesses claiming that the new data privacy regulations restrict their ability to use customer data, impairing the value of their businesses. The second case involves a well-known technology company’s intellectual property.

Laney compares data monetization to playing golf backward and says it is all about starting with the end in mind. He reveals that even at West Monroe, a core philosophy is to work from the desired client outcome and then meet the client where they stand.

Next, he discusses how customer experience factors into the process and highlights the following points:

• One should focus on the customer’s or data consumer’s needs. The user should work with the product manager to define the product.
• Increasingly, the primary consumers of data are not people but machines. This changes the approach to architecting data.

Concluding, Laney says customers or consumers often don't know the art of the possible. Therefore, a good data product manager is ideal for establishing a process for conceiving innovative and high-value uses of data.

CDO Magazine appreciates Douglas Laney for sharing his insights and data success stories with our global community.