Gartner backs Infonomics as a trend, and they report that by 2020, 10% of organizations will have a highly profitable business unit specifically for productizing and commercializing their information assets. The increase of Chief Data Officers (CDOs) within organizations suggests a growing recognition of information as a strategic business asset. It's also predicted that by 2020, 50% of leading organizations will have a CDO with similar levels of strategy influence and authority as their CIO.
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To achieve direct monetization, Gartner recommends supplementing your existing business models and creating a team with a specific job of defining, developing and productizing the market for the information asset, similar to the product development life cycle established for managing and marketing traditional products.
One element that needs to be established before Infonomics can become a successful practice is Digital Ethics. Organizations need to be concerned with consumer privacy, otherwise they will be at risk for public backlash or violating government data regulations. A key component to successfully executing Infonomics is how well a company can gain and maintain the trust of its customers.
We are beginning to see Infonomics emerge within several industries, and it will quickly become a common practice. Data and analytics leaders should strategize now to keep pace in this rapidly changing data and analytics landscape.
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