“Organisations are trying really hard to take advantage of data, particularly in this new world of AI technologies where data is the fuel. We’re doing a lot of work at West Monroe helping companies prepare themselves, not just strategically and operationally, but also from a the perspective of how to take advantage of new technologies like Generative AI.”
West Monroe’s Innovation Fellow Doug Laney is a leading Data & Analytics strategist and the celebrated author of Infonomics and Data Juice. Laney is inspired by real world examples of how organisations are realising the value of their information. He advises them on how they can measure, manage and monetise to realise its potential.
Laney’s most recent book Data Juice is a compilation of 101 business stories… “What drives me is helping companies understand the art of the possible with data. And also to be inspired into doing more with their data assets. Organisations have to get their foundational work done on quality, governance, integration – all required to be able to generate value from data. I think that those kinds of foundational initiatives ought to be self-funding and pulled through by use cases.
“How are we going to drive value from this data? How are we going to use it to drive revenue, increase market share, attract new customers, improve processes, digitalise products? There’s a variety of patterns we’ve identified at West Monroe for how to drive value from data and monetise it. And that’s really what drives me – helping companies come up with those ideas and then activate them.”
“You can’t manage what you don’t measure,” adds Laney. “Besides, I think that companies as a whole mismanage their data compared to the way they manage their other assets. Because they don’t measure it. Furthermore, they’re not compelled to measure it by the accounting profession or the insurance industry. Similarly, I think it follows anything that you don’t measure, you’re going to have a hard time managing as an asset. And anything that you’re not managing as an asset, you’re going to have a hard time monetising or generating economic value from.”
“Those are the three Ms of infonomics – monetising, managing and measuring data,” asserts Laney. “I’m known as the three Vs guy – the guy who came up with the definition of Big Data in terms of information with high volume, velocity and variety. I’m hoping soon to become the three Rs guy, retirement, relaxation and reading, in the not too distant future!”