Why Smart Companies Are Giving Customers More Data
Abstract
Companies can benefit from an emergent approach to data monetization we refer to as data wrapping. With this approach, a company's product are "wrapped" in data analytics features and experiences that help and delight customers, with profitable results. The tendency for most companies is to draw upon preexisting business intelligence groups, data platforms, and analytics talent for data wrapping. However, the capabilities, processes, and skills that historically helped the company use data analytics to do things better, cheaper, and faster are insufficient for producing data analytics that delight customers.
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About the Authors
Barbara H. Wixom, Principal Research Scientist, MIT Sloan Center for Information Systems Research (CISR)
Ronny Schüritz, Cofounder and co-CEO of prenode, and Senior Research Adviser and Lecturer, Karlsruhe Institute of Technology
Killian Farrell, Master of Business Analytics Candidate, Class of 2020 MIT Sloan, Operations Research Center
MIT CENTER FOR INFORMATION SYSTEMS RESEARCH (CISR)
Founded in 1974 and grounded in the MIT tradition of rigorous field-based research, MIT CISR helps executives meet the challenge of leading dynamic, global, and information-intensive organizations. Through research, teaching, and events, the center stimulates interaction among scholars, students, and practitioners. More than seventy-five firms sponsor our work and participate in our consortium.