It’s not hard to see the signs that the data economy is heating up. Virtually all decision makers want to be insights-driven. They mine their own data, yet increasingly they want incremental insights that drive further differentiation and competitive advantage. External data hunting is on the rise: 56% of decision makers say their firms are expanding their ability to source external data; another 21% plan to do so in the next 12 months. That’s great news for the growing suppliers of data, including companies that are now commercializing their data — a cohort that’s grown from 14% of our survey respondents back in 2014 to 51% in 2019. Data commercialization has crossed the chasm.
With both the buy side and the sell side booming, no one wants to be left behind. Forrester can help. We’ve been doing research and advising clients on data economy opportunities for years now. Our first report, “Navigating The New Data Market Landscape,” published in 2014 (yep!), provided guidance on how to source data. Specifically, it offered recommendations for when to go to different types of players across the data market landscape (see graphic). While players may have changed in the subsequent years — with many new entrants in the market — the guidance remains sound.
The follow-on report (with a ridiculous title), “Find A Date To The Data Dance,” also published in 2014. It advised companies on how to take their data to market. It starts with “You’ve got data!” and recommended partners to help build a data commercialization strategy and eventually a data or insights product/service.
Since then, we’ve continued to help companies on both the buy side and the sell side of the data economy, covering data acquisition, data commercialization, insights services providers, and more. A few years ago, I pulled together a table of contents on insights services providers. Now, I thought I’d do the same for some of the newer data sourcing and commercialization research.
Research On Data Commercialization (Sell-Side)
The following reports and blogs provide best practices and recommendations gleaned from interviews with data commercializers across industries and geographies:
- “Data Commercialization: A CIO’s Guide To Taking Data To Market“
- “Determine Your Data’s Worth: Data Plus Use Equals Value“
- “Top Performers Commercialize Data Through Insights Services“
- Your Data Is Worth Nothing — Unless You Use It
- Deep Dive Into Data Commercialization At Forrester’s Data Strategy & Insights 2018 Forum
- Data Commercialization Isn’t Easy — And Many Initiatives Will Fail
- The Data Economy Is Going To Be Huge. Believe Me.
- Telecom Operators Deliver Insights Services — With Network And Subscriber Data
- Help Wanted: Data Innovation For The Data Economy
- Data Commercializers Do It Differently: It’s Best To Be Prepared
- The Age of Alt: Data Commercialization Brings Alternative Data To Market
- Insights Services Drive Data Commercialization
- What’s My Data Worth?
Research On Data Acquisition (Buy-Side)
The following reports and blogs provide best practices and recommendations gleaned from interviews with data buyers across industries and geographies:
- “Forrester Infographic: Think You’re Doing Data Sourcing Right? Think Again“
- “The Insights Professional’s Guide To External Data Sourcing“
- “Need External Data? Explore The New Data Landscape“
- “Open Data Changes The Business Of Government“
- Little Coordination, Even Less Hunting: External Data Remains Safe In The Wild
- Hunting For Fresh Insight? Arm Yourself With Our New Guide To Data Sourcing
Note that this is not an exhaustive list of data economy research. I don’t typically cover the market for consumer data. On that front, I’d recommend “Vendor Landscape: The Consumer Data Ecosystem’s Service Providers,” which starts with the assertion that “the consumer data ecosystem is astonishingly complex.”
Finally, It’s Not All Rainbows And Butterflies . . .
At Forrester, we also recognize that the data economy is not all rainbows and butterflies. My colleague Jeff Pollard has published several reports exposing the dark underbelly of the data world. I’d be remiss to not point out: “The Future Of Cybersecurity And Privacy: Defeat The Data Economy’s Demons.”