Waterstone principals explore how tech firms can use a systematic approach to conceptualize and monetize new data-driven products and services for sustained growth
PRLog - Sep. 16, 2014 - CHICAGO -- Big Data has become a mature and highly relevant technology, yet tech firms struggle to define and monetize data-driven products and services that offer concrete benefits to users. Launching a data-driven offering requires an approach that departs from traditional product definition methodologies. Waterstone Management Group, in its newly published "Point of View" paper, defines precisely how to successfully define, launch, and scale new data-driven offerings. The paper, titled "Big Data Realized: Developing New Data-Driven Products and Services to Drive Growth," is now available on the Waterstone website.
"Creating a successful data-driven offering starts with conceptualization," said John Zuk, Waterstone Principal and co-author of the report. "Traditional concept development that relies on watching market trends and analyzing customer pain points will not work when developing data-driven offerings, since it simply lacks the context necessary to understand how the data will be used by the customer."
The report identifies an "ideation framework" for systematically spotting opportunities that may exist across a company's value chain. Beginning with a conceptualization approach anchored on the value of information to customers, Waterstone's Point of View paper defines a series of forward-looking steps to a successful rollout.
"Monetization of a concept may seem like an obvious and logical step, but it is often ignored until it is too late, or is defined in a manner that is misaligned with the customer's perception of value," said Hubert Selvanathan, Waterstone Principal and co-author. "We therefore advocate monetization strategy and the associated pricing model as an important next step after conceptualization. Planning for monetization early in the offering development cycle is particularly important in data-driven applications, since these types of offerings may call for methods of monetization that are non-traditional and outside the realm of value capture that is normally used for other traditional offerings."
Waterstone's structured methodology for rolling out a successful data-driven product requires careful assessment of necessary operating model changes, including the go-to-market approach, the service delivery model, financial model, and operational processes, all of which may differ dramatically from traditional counterparts. A structured approach to launching and scaling the offering is critical. Using the robust methodologies outlined in the Waterstone Point of View can fuel new data-driven products and services with compelling customer value drivers, margin-rich revenues, and sustained growth.
About Waterstone Management Group
Waterstone Management Group was founded in 2003 with the mission to transform technology and service businesses. To serve business leaders and private equity investors who share our view of the technology industry, we formed a specialized, expert-led firm which combines strategic advisory services and executive-level operating experience. We work collaboratively with senior management, corporate boards, and investors to address issues related to driving growth, margin improvement, and assessing incremental business expansion/investment opportunities. For more information about Waterstone, please visit waterstonegroup.com and follow the firm on Twitter (@WaterstoneMG).
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Waterstone Management Group Publishes its Perspective on Achieving Big Data's Full Potential
September 16, 2014 at 14:15 PM EDT
