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Does Data Monetization Really Require A Process Discipline?

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To get good at it, our answer is yes...

Updated this article to include design principles and other elements, as CDOs and CDAOs continue to prove the value of data analytics to COOs and CEOs. The path to the C-suite is in proving the ROI of data analytics, setting up the tests, and providing the evidence.

As an analytics practitioner and leader, I have always stressed the need to create a predictable, repeatable, stable process for analytical data innovation. A data innovation process would help the firm monetize its critical data assets. A monetization capability has applications for several marketing and business domains such as campaign management, customer experience, product development, customer and prospect segmentation, and more (risk, etc.). A good data monetization process has at its core the ability to generate pilots every quarter to facilitate more significant tests and learning. Analytical data innovation has a direct impact on customer satisfaction and retention.

This article was written a few years back initially; however, at that time, the only thing we seemed to hear about was quick wins and not about setting up monetization and test and learn as a process. I posit that the continued focus on quick wins only and not creating a process for learning may be hindering analytical adoption and moving data analytics maturity to the next level. There are good quick wins and bad quick wins depending on whether they are measurable and scalable. It might now be time to suggest a more defined team and process be stood up within the CDAO and design worlds to hit the accelerator on monetizations. In some firms, particularly in Fintech, design practices joined at the hip with CDAOs are beginning to create such a process. My updates to the process are below.

Data Innovation Process Updates


The challenges in developing the analytical data innovation process include:

  • Building out a robust data monetization capability to drive consumer and commercial strategy by improving revenue and profit impacts across various activities.
  • Developing a strategic analytics roadmap to take the company to the next level. As a starting point, one needs to understand the current state of data analytics and decision sciences.
  • Optimizing the function to drive organic growth by retrofitting existing capabilities as the business transforms from offline to digital channels.
  • Building a highly regarded, expert team with new skill sets to create analytical products and monetize the data while ensuring compliance with consumer privacy and other regulatory considerations. This includes design skill sets.
  • Using Agile and Agile at Scale to create squads and new teams, with new departments coming online, such as design practices and data analytics COEs. Set up lean start-up protocols using design principles to create tests based on a monetization process that has a clear path to be deployed within the company's strategy. The discipline of design can help CDAOs and CDOs bring their quick wins to life. Business cases and ROI goals should be set for each test and monetization.
  • Establishing an orientation to innovation and change leadership, focusing on an efficient test and learning discipline to improve the bottom line. In many firms, this is still not a defined process and team, although, as mentioned, start-ups and fintech seem to be ahead in this area.

For each pilot, a monetization process needs to be followed, starting with defining the business case and vetting it with business partners and executives. Is the business willing to make changes and deploy the learnings? After gaining concurrence from the business partners, assemble the right team to keep the monetization effort on track, including executive sponsors, consultants/analytics experts, academics, design practice experts, prototyping firms, line of business sponsors, and IT.

To create the proper pilot development process, you can borrow from both Agile and SDLC, which ensures the formulation of the appropriate business and data requirements. Take the best elements from different project management methods to create the criteria. For example, a development process method can ensure success measures are established for the project.

The following steps are to perform feasibility analysis, create a prototype, and validate the pilot. For most analytical pilots, this involved creating test segmentations or models which can then be deployed in the market so one can read and validate the results. Some of the steps I have gone through in validating pilots included ensuring that we had actual data and systems to deploy the analytic solution. For example, some models require unique data sources to be able to score and implement them at their point of use.

The final step is to determine how far along the monetization cycle you will take an analytical pilot. For example, many times in segmentation, you may find a profitable segment but the segment cannot quickly grow or scale. On the other hand, a pilot that goes into implementation will require execution support and the establishment of success metrics. One new comment on this is that the pilot should have a definition of done and clear success metrics that the CEO and COO are aware of and endorses so that when the pilot is a success, it can be rolled out and celebrated.

My philosophy is to maintain a pipeline of analytical pilots, knowing that only 10%-20% will be fully monetized. This is the central premise behind the test that learns and fails fast and cheaply. Design practices can now help expand the number of pilots that are monetized. See Randy Bean's book Fail Fast Learn Faster for perspectives on this.

Ideally, there is enough diversity of pilots in the queue to generate new analytical products quarterly. This process is iterative as the pilots should be viewed as living solutions, and permanent departments, squads, and tribes should be set up to perpetuate this model.

Given that many CDAOs are still struggling with tenure and investment and proving the ROI, I want your thoughts on how this process can help and what you think is the state of the state is on test and learn and monetization. Are quick wins still quick, or does this process need to usurp quick wins?

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Summary Sunday: Issue #484
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Summary Sunday: Issue #484

This week’ ersus summary calls out this mix of concerns companies face and how these people are responding. It likewise addresses things you may do to higher prepare with regard to a job search. I actually don’ t want an individual to panic about what’ s going on inside the workforce. I would like you to be ready and take the required actions. I […]

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Top 5 Questions Hiring Managers Expect You To Ask In An Interview
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Top 5 Questions Hiring Managers Expect You To Ask In An Interview

There are a few ways you can impress hiring managers in a job interview. You can stand out for your answers, your personality, aptitude, and experience, your knowledge of the company, and the questions you ask.

But which questions do hiring managers expect you to ask?

According to a recent study by Zety, there are a handful of questions hiring managers expect you to ask before the interview concludes. Here are the top five:

1. Can You Show Me Examples Of Projects I’d Be Working On?

Why a hiring manager wants to hear this: They want to know you’re serious about wanting the job and excited to add value to the company from the very start. It shows initiative. If you’re already thinking about working on projects this early in the hiring process, that puts you way ahead of the other candidates who are just trying not to bomb the interview.

What their answer will tell you: You’ll get a sense of what your average project will look like. You’ll also be able to get a better idea if this is the type of work you want to do. Could you develop your skills working on these projects? Is this work that will challenge you to grow as a professional? If the hiring manager stumbles trying to answer this question, they might not have been completely transparent about what the position actually entails.

2. What Are The Skills And Experience You’re Looking For In An Ideal Candidate?

Man shakes the hand of the hiring manager before his job interview

Why a hiring manager wants to hear this: It shows that you’re curious and want to know exactly what you need in order to succeed in the position. You are interested in being that ideal candidate. You are interested in being a successful employee.

What their answer will tell you: You’ll know exactly what they are looking for, all the skills and experience they didn’t mention in the job description. It also gives you another opportunity to prove you have the skills and experience they’re looking for. A great way to provide proof is by using the STAR technique (or the “Experience + Learn = Grow” technique) we recommend job seekers use to answer behavioral interview questions.

3. What Are The Most Immediate Projects That Would Need To Be Addressed?

Hiring manager listens as the job candidate asks her a question during the interview

Why a hiring manager wants to hear this: Even more so than the first question on the list, this question shows that you are a proactive employee. You are already imagining yourself working for the company and contributing to its success. You are eager to add value and prove that you are an excellent employee.

What their answer will tell you: You’ll have a clearer understanding of what your first few months will look like on the job. It’ll help you imagine working for the company, and allow you to brainstorm ideas for the projects they mention. Also, it’ll help you plan ahead. In the case you do get the job, you’ll already be prepared to jump in and add value from your very first day.

4. What Does A Typical Day Look Like?

Man asks the hiring manager a question during his job interview

Why a hiring manager wants to hear this: They’ll know that you’re already imagining yourself in the position. Hiring managers are looking for serious job candidates. They’re not looking for candidates who don’t care what they’ll be doing day to day because those are usually the same candidates who are only interested in a paycheck.

What their answer will tell you: It’s simple. You’ll find out what a typical day in this position looks like. Don’t like what you hear? That’s probably a red flag. But if you like what the hiring manager says, that’s a good indication that you’ll be happy working the job.

5. Do You Expect The Main Responsibilities For This Position To Change In The Next Six Months To A Year?

Woman shakes the hiring manager's hand before her job interview

Why a hiring manager wants to hear this: You’re seeing if there is potential to stay at the company long term, either in the job you applied for or in a different position if you get promoted. They want to know if you hope to stay at the company for longer than one or two years because it costs employers a lot of money to hire new employees. They might get the impression that you’ll be a loyal employee.

What their answer will tell you: It’ll tell you whether you’ll be expected to do tasks you weren’t originally hired for or not. If the hiring manager says the main responsibilities for the position will change, you can ask them to elaborate. Do the changes align with your career goals? Is that how you want to grow in the company, in your career? If not, you probably won’t see any long-term career potential there, and it might be best if you look for a job elsewhere.

Never leave a job interview without asking the hiring manager a few questions. If you don’t ask at least one of the questions above, hiring managers might choose the candidate who does (if all else is equal). Just remember to ask the questions you really want to know the answers to, the questions that will help you decide whether or not you want to work for the company.

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This article was originally published at an earlier date.

Why You’re Struggling To Change Careers
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Why You’re Struggling To Change Careers

Changing careers is not for the faint of heart. But there are certain things you can do to make that change a lot easier. Unfortunately, I see a lot of job seekers make this one mistake when trying to change careers.

Here’s why you’re struggling to change careers…

You’re Not Conducting Informational Interviews

@j.t.odonnell Here’s why you’re STRUGGLING to change careers @uopx #UniversityofPhoenix #adsponsored #sponsoredad #jobtok #careertok #edutok #careerchange #careers #jobs #careeradvice #careermode #worklife #joblife #jobsearch #careertips #jobsearchtips ♬ original sound – J.T. O’Donnell

If you are struggling to make a career change, then you need to be doing something called informational interviewing. An informational interview is not a job interview. It’s an interview with people who you respect and trust, who work at the companies on your interview bucket list. It’s an interview where these people help you connect the dots and figure out how you’re going to take yourself from where you are right now to that new career.

Conducting informational interviews is really important because most people think they can’t make a career change, and they feel trapped. The truth is, in order to successfully change careers, you need to have a game plan, and informational interviewing is at the center of it.

The University of Phoenix actually has a free resource that walks you through all six steps of the informational interview process. First, they walk you through how to figure out who to interview. Then, they tell you what questions to ask so that you can get the correct information. And lastly, they even tell you how to follow up so that you can look professional and build your network.

So, if you’re struggling to change careers, try conducting informational interviews in your job search. I promise it’ll make your career change a million times easier.

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How To Make Friends With Ambitious People
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How To Make Friends With Ambitious People

If you’re trying to take yourself and your life to the next level, it makes a lot of sense to aim higher when it comes to making friends. The right friends will support you emotionally and provide practical help along the way.

If you have exciting friends that aren’t as ambitious as you are, chances are that they’re unconsciously holding you back. You don’t have to stop seeing them; your best bet is to focus on building friendships with new people. If you want to make friends with ambitious people, read on.

In this article, I would like to share with you three important steps. These steps will help you go to the next level in your social life, meet many ambitious and interesting people, and have them stick around for a long time.

Step #1 – Take Control Of Your Social Life (Don’t Leave It To Chance!)

People seem to leave their friendship life to chance, more often than not. While that probably worked well when you were a kid, it most certainly won’t work for you as an adult. With no college or school to facilitate new friendships, you need to be proactive about it. This means that you get conscious and curious about friendship and how it works—consciously make time, every week, for meeting new people, staying in touch, and hanging out with them.

Studies have shown that the influence other people have on you is strong; your destiny literally depends on the people you hang out with. This is why it’s important to have a clear idea of the kind of people you want to have in your life. All you have to do is make a general list of qualities, attributes, or activities that you want in your future friends. It doesn’t have to be definitive; it’s just a guide for your mind. You can start by listing qualities like “healthy,” “ambitious,” “honest,” “productive,” “fun,” “interesting,” etc.

Step #2 – Adopt These Winning Social Habits

Man shakes someone's hand while networking

Success in your friendship life means that you don’t only use the tips once in a while; it means that you adopt the easy new habits that will work on a consistent basis. The first habit is to go meet new people every month. The way to do that is to join a local community that meets up once or twice every month. Try a few that you can find on meetup.com and decide on the one that has the kind of people you’d like to get to know better. In general, go where meeting people is easy; focus on places like trade shows, cultural or charitable events, seminars and talks, and so on.

The second habit is to dedicate at least one hour every week to reaching out to people in your network. You can put it in your calendar; it can be something like every Wednesday at 7 p.m. Early in the week is better. Contact and network with important/strategic LinkedIn connections during this hour. This habit will make sure you don’t lose touch with your existing friends, and follow up with the new people you meet.

The third habit is to decide what you’re going to do over the weekend ahead of time. When it’s time to reach out to people, plan ahead and decide on what you want to do; suggest that plan to those you want to see. This is why it’s important that you contact people early enough in the week, when they haven’t already decided what to do on Thursday, Friday, and Saturday.

Step #3 – Build A Social Circle

Group of friends eat dinner together

Making friends can be time-consuming if you don’t optimize your efforts. If you’re always the one calling and making plans, then you’re not going to be doing it for very long. The best way to tackle this is to focus on forming groups of friends, instead of having a bunch of friends that don’t know each other. I recommend that you always introduce the people that you know to each other, especially if they’re of the ambitious kind. After they meet once or twice, a new group emerges, and you now have a circle of friends. When that happens, they start to call and make plans as well, which means you’ll have more time to contact and make plans with people that you don’t know that well.

As you meet new people, introduce them to the existing group, and make it bigger. If you prefer to meet in small groups, this is a great strategy as well; you can still meet two or three people at the same time, even if your social circle has dozens of people in it.

These three steps will get you started on having ambitious, resourceful friends that will help you succeed, introduce people to you, and emotionally support you when you need it. What’s really important is to open your mind to learning about friendship, how it works, and how you can apply that information to your life.

We understand how difficult it is to make new friends, especially as an adult. The good news is, at Work It Daily, we provide you with a safe and supportive place where you can meet new people and network with like-minded professionals!

If you’re struggling to make ambitious friends, we’d love it if you joined our FREE community. It’s a private, online platform where workers, just like you, are coming together to learn and grow into powerful Workplace Renegades.

Join our FREE community today to grow your professional network and make new friends!

This article was originally published at an earlier date.