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In 2000 you needed a Website, in 2010 you needed a mobile app, in 2020 you will need an API”
That’s a quote from last year from John Musser, founder of Programmableweb.com. He’s right that at the start of each decade of the 21st Century the focus for the way you presented your company’s technology to the world has changed from the web, to mobile first, and now to the importance and value of your data – both in terms of how you use it internally to be more effective, and how you can make money giving your customers more and better access to it. With that thought in mind we’d like to highlight a company that has got us excited because they are doing something nobody else is doing, and which addresses exactly this issue of helping you turn data in to business value. We like trailblazers and we like different. The trailblazer is YourDataConnect.
The other change in 2020, of course, is the Global pandemic and the uncertainty it has caused. Setting aside the immense human and social costs, we can all agree that the crisis has created a shift in our thinking on the future of work and accelerated digital transformation for many or most organisations on the planet. Understanding the business case and the value of these new approaches is often a problem, but that is exactly what this new service addresses. YourDataConnect is the first SaaS-enabled data monetization platform that we’ve seen. Data Governance programs have lacked business adoption because there is often a limited tie-in with financial benefits. This service provides a complete view of an organisation’s data assets. It brings together information from across the enterprise to quantify and drive new insight. With the YourDataConnect platform, business users can answer critical questions about which strategies drive revenue, reduce costs or manage risk, and by how much. The platform helps users understand the real monetary impact of a particular business strategy by linking business outcomes to critical data elements and source systems.
There are a variety of ways the product could help. A retailer could cross-sell and up-sell opportunities based on a single view of the household. A manufacturer might improve the quality of their billing addresses to do a better job of debt collection and improve their cash position. A bank could reduce credit risk by establishing a unified view of the risks across affiliates and subsidiaries. The advantages are applicable to any business in any sector.
We don’t particularly like the often-used phrase that “data is the new oil” because data isn’t a commodity like oil. Data has a different meaning and different value depending on the context. That’s exactly why we are so intrigued by this new YourDataConnect product, because it quantifies the value and helps you build a better business case. A company to watch in our opinion.
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