In a recent podcast, Nancy McKinstry, Wolters Kluwer CEO and Chair of the Executive Board, and Barbara Wixom, Principal Research Scientist at the MIT Center for Information System Research, delve into the transformative potential of data analytics and monetization.
They emphasize the critical importance of data monetization as a strategic imperative, going beyond the conventional selling of data sets. Barbara introduced the concept of "improve, wrap, sell," showcasing how existing products can be enhanced with unique data analytical features to create new value streams. They also highlight the integral role of data analytics and artificial intelligence (AI) in driving growth.
Leadership, vision, and ethics are central themes as Nancy and Barbara emphasize the need to build strong foundational capabilities, strike a balance between technological advancements and regulations, and foster a customer-centric approach. They also stress the importance of setting realistic expectations, nurturing talent with technical skills and a customer-focused mindset and fostering trust and collaboration within the organization and with customers.