When thinking about the value of the data a company collects vs. the traditional value of the product it may produce, collecting and analyzing broad categories of customer + product data is becoming equally — if not more — valuable than the product itself.
And, if the data is becoming so valuable, then analyzing and mining it ought to provide incremental revenue streams beyond the traditional product-based business model. But consider going one step further: If treated right, access to enough quality data would be valuable to others outside of your enterprise too – assuming the correct federation and business models were constructed.
This accretion of value around large data sets – particularly alongside an external ecosystem – is analogous to what we’re familiar with in the product world: The Platform. Indeed, we may find that entirely new business models based on data platforms may arise from legacy product companies.
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