Once we have peace of mind that we can trust our data to take decisions and drive the business in the strategic direction we want, we can start reusing this dataset as a basis for other data driven initiatives. For example to increase revenue.
Let's take a manufacturer: Say you sell drills and you know exactly how many holes were drilled. This can be achieved by adding internet connected sensors to every machine you sell. Now you can predict the point when maintenance on the drill is required. This will allow you to set up an extra data driven service for your customers to enjoy - and pay.
The sensor dataset is probably a different one from the peace of mind dataset. However, even greater value comes from combining them in an integrated data model that allows you to innovate your business even further. If we think about what the customer is willing to pay for, we'll probably discover that actually she doesn't need a drill. What she needs is a hole in the wall to mount a cupboard or painting. Based on data analysis we can now calculate how much we could charge for a HIWaaS - hole in the wall as a service.
Do you have data in the core of your business processes?