Barbara Wixom, a principal research scientist at MIT’s CISR, dives into the crucial topic of data monetization and its synergy with AI. She emphasizes that successful AI requires strategic alignment with business goals, smart data governance, and ethical practices. Wixom shares insightful case studies that illustrate best practices and common pitfalls in AI implementation. The discussion also touches on the balance between financial gains and broader societal benefits, urging companies to navigate the complexities of data analytics thoughtfully.
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Decision Support Origins
Scott Morton's PhD advisor thought using system data for management information was a waste of computing power.
Morton proved him wrong, pioneering decision support systems.
insights INSIGHT
Data Monetization and AI
Data monetization is about converting organizational data into financial value.
AI helps in this conversion, turning data into assets and enabling action.
volunteer_activism ADVICE
Strategic AI Investments
Focus AI investments on changing work, products, or creating new revenue streams.
Some AI projects can have non-financial goals, like attracting talent.
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Data Is Everybody’s Business: The Fundamentals of Data Monetization
A clear, engaging, evidence-based guide to monetizing data, for everyone from employee to board member.
Barb Wixom
Barbara Wixom's "Data Is Everybody’s Business" provides a comprehensive guide to data monetization, emphasizing its crucial role in organizational success. The book explores how data, when effectively managed and utilized, can translate into significant economic value. It delves into practical strategies and frameworks for organizations to leverage data assets for improved efficiency, innovation, and revenue generation. Wixom highlights the importance of data governance, ethical considerations, and the integration of AI technologies in the data monetization process. The book serves as a valuable resource for leaders and professionals seeking to harness the power of data for organizational growth and transformation.
Barbara Wixom, principal research scientist at MIT’s Center for Information Systems Research (CISR), draws on 30 years of research in this bonus episode of the Me, Myself, and AI podcast. She believes data monetization is the key to enterprise success with AI and breaks down why.
With hosts Sam Ransbotham and Shervin Khodabandeh, Barb details case examples to highlight best practices for AI implementation and how to measure value, as well as how data governance and ethics play a critical role in successful AI projects. They also talk about what companies get wrong and the challenges and rewards of AI research. Read the episode transcript here.
Guest bio:
Barbara Wixom is a principal research scientist at the MIT Center for Information Systems Research (CISR). Her academic research explores how organizations generate business value from data assets. She is the author of the award-winning book, Data Is Everybody’s Business: The Fundamentals of Data Monetization, which she wrote to inspire workers to engage in data monetization.
Me, Myself, and AI is a collaborative podcast from MIT Sloan Management Review and Boston Consulting Group and is hosted by Sam Ransbotham and Shervin Khodabandeh. Our engineer is David Lishansky, and the coordinating producers are Allison Ryder and Alanna Hooper.
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