The big data race

Data is rapidly becoming the most important asset on the balance sheet for many companies. The value that lies inherently within it needs to be unlocked by organisations in order for them to gain the largest benefit out of their data assets. Simmons & Simmons has conducted research on how successful companies within the technology, media and telecommunications sector are at commercialising their data to utilise it to its full advantage. The company surveyed over 350 organisations across the world in order to gauge this aspect. The results from its survey were instrumental in providing an in-depth understanding as to what factors are fundamental for implementing a successful data commercialisation strategy. Upon analysing how organisations interact with these factors, it was clear that those who were ‘leaders’ within all six of the factors were the most successful at commercialising their data. Implementing these factors into an organisation’s strategy is becoming more and more important in order to guarantee continued success. This paper discusses these six factors in depth and expands upon what is necessary to successfully commercialise data to unlock its true value. To aid in the development of organisations’ data strategies Simmons & Simmons has created a benchmarking tool for companies to assess their current data commercialisation position with the aim of improving it.