Tending Your Fish Farm: How to Extract Value from Your Data

how to extract business Value from your data

Recently, I found myself standing at the fish counter, contemplating whether to buy wild or farmed. If you’ve ever bought fish, you’ve probably had this internal debate at some point (and I now know that some people stand clearly on one side or the other of the debate). Not knowing much about farmed fish, I started to think about what it took to get this fish to me and eventually on our plates for dinner that evening. 

I wondered what the heck went into running a fish farm.  Where do they live? Is it packed? What do they eat? Are they happy fish? Standing there, in front of the fish counter, I opened up my phone browser and started an exhaustive search on fish farms.  Took about 4 minutes.  Apparently, all you need is a tank, water filtration, aeration, temperature control system, water (duh), and a transfer system.

Having scratched my research OCD itch, I started to imagine the fish starting their journey as tiny eggs being collected and grouped in buckets of fish families like Salmon, Tilapia, Tuna, Sardines, and Mackerel.  Each one measured and controlled for just the right temperature and light.  Then, as the fish grew, how would they be transferred to larger buckets so they would not become tuna jam?

As it turns out, having a fish farm is way more complicated than I thought.  It’s a delicate process that requires caring for breeding colonies, spawning activities, egg extraction, fry (that’s the baby fish) to fingerling raising, grading, harvesting, sorting, weighing, maintenance, and testing. Finally, moving them to a fish pond, killing them (of course, humanely), and transporting them to the correct processing facility and then finally to your local health food store. 

Not much different than how data is collected and measured from a tiny byte of information, all the way to a cleansed, validated, measured, authenticated, secured, and trusted analytic, like my farmed Salmon dinner.  Understanding the complexities that went into getting this delicious fish in my belly is very similar to the process data goes through before you trust it enough to serve it to your co-workers. 

How to Generate Economic Benefits from Information

According to Gartner there are 6 aspects of the information value model of how we can generate a range of economic benefits from information assets, like fish for example.

IVI: Intrinsic Value of Information

Do I have the right fish in my fish farm and am I sure they are all Salmon?

BVI: Business Value of Information

Do I have enough fish, are they the right size for my customers, will they sell?

PVI: Performance Value of Information

Does it matter that I even have Salmon, is that the right fish?  Are they selling?

CVI: Cost Value of Information 

What will happen to my business if I don’t know what type of fish or how many fish I have? Is this important information that needs to be tracked?

MVI: Market Value of Information

Can I sell this data to other fish farms.  Will they buy this information because of what it tells them?  Is it good information?  How can I prove that?

EVI: Economic Value of information

Does information about my business help me financially?  Can I reintroduce the information I collect on my own process to help better my process.  Can I be predictive and prescriptive about fish habits – are angry fish bitter? 

Highlights from Gartner's 2nd Annual CDO Survey (2016) produced by CDO Research & Advisory tell us that the #1 priority cited by 46% of CDOs is value creation/revenue generation.  In order to accomplish this goal we need to connect the Governance of data to the actual business value of data and monetize it or “Weaponize” our data.  We can do that with IVM (Information Value Management®).  I will discuss the concept of Weaponizing your data or “high impact data value” on an upcoming blog.

Empower Your Data Governance Program

Using a smart software solution that can bolster data governance programs to gain full “line of sight” into what information is most critical and relevant to the process is our goal.  You need to understand information assets as a common framework and visualize organizational, procedural and technology impacts to produce a governance playbook for organizations that you can execute against and monetize. You need connective tissue that builds the linkage of data to well-known business processes whereby process owners will have a platform to map data-related information – from data fields to business rules.

Like getting fish to our dinner table, you need a software solution that can make all the connections and provide you with all the answers we are looking for from inception to market. We need a better way to fish data for the business.

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