On Wednesday, December 6, 2023, industry leaders gathered at Slalom, Boston Back Bay, for MTLC’s Revenue Opportunities for the Data-Driven Enterprise conference. With a focus on the growing data monetization market, the conference aimed to guide technology and business professionals through strategies and best practices for leveraging data as a significant revenue opportunity.
Russell Norris, GM of Slalom Boston, set the tone for the day by highlighting the complex relationship between people and data. He emphasized the evolution of data from the beginning of the digital revolution 12 years ago to the present day. The principles of data usage, including balancing authority and inclusivity, were underscored as essential for success in the data-driven era.
Session 1: Empowering Business Growth
Moderated by Dev Gupta, VP of Global Solutions Engineering at Akamai, Session 1 explored best practices for turning data into revenue. Panelists Joel Stevenson (CEO of Yesware), Hema Seshadri (Senior Data Scientist at Akamai), and Nachiket Mehta (Head of Data and Analytics Engineering at Wayfair) shared insights on leveraging data from various sources, transforming customer understanding into a science, and the challenges of data governance and data ownership.
Key Takeaways:
-Recognizing data value from diverse sources, including 1st and 3rd-party data, B2B, and B2C relationships.
-Strategies to deliver the right data to business stakeholders, including automated workflows and user testing.
-The importance of data governance and ownership in decision-making and product development.
Session 2: Unlocking Revenue
Moderated by Greg Bonnette, Sr. Director of Data & Analytics at Slalom Boston, Session 2 delved into strategies and innovations in data conversion and sustainability analytics. Panelists Karen Hensley (Data Strategist at Amazon Web Services), Howard Homonoff (Senior Adviser at Grant Thornton), and Vincent De La Mar (CEO at Sustaira) discussed various approaches to monetizing data.
Key Takeaways:
-Diverse definitions of data monetization and its connection to purpose, including ESG factors.
-The quantifiable value of data and the potential impact of pending legislation, such as carbon tax.
-Strategies for exploring data monetization, pitfalls to avoid, and the importance of data quality.
Session 3: Balancing Authority and Inclusivity
Moderated by Sandy Estrada, VP, Global Analytics Practice Leader at Cervello, Session 3 focused on data governance, compliance, and accessibility. Panelists Hema Seshadri, Matt Vandevere (VP of Strategic Services at Precisely), Erik Jones (VP Enterprise Data Analytics at Tempo Software), and Lynette Kenney (VP Enterprise Data Analytics at UKG) shared their experiences and insights.
Key Takeaways:
-Establishing data governance principles and frameworks for compliance.
-The role of executive buy-in, building muscle, and selecting the right tools for effective data governance.
-Ensuring data quality, incentivizing data stewards, and incorporating data governance into company culture.
Conclusion
The Revenue Opportunities for the Data-Driven Enterprise conference provided a comprehensive exploration of strategies, best practices, and real-world insights for unlocking revenue through data. Attendees left with actionable insights to navigate the evolving landscape of data monetization, ensuring their organizations thrive in an increasingly data-driven world. For those who missed the event, stay tuned for more insights and consider attending future conferences to stay at the forefront of innovation.
