What is Your Y? Finding the Right Level of Investment for Your Goals

by Jim Weldon

Every business problem has a set of constraints and a single variable, that if you knew it, would unlock enormous opportunities for your business. We call that your Y. Finding the right set of technology and information to solve your Y is what we do at Trovo. But investing in data can also start small.

If you’re just getting started, you may consider starting with a basic assessment of your data and see where you are most exposed to risk. As you start to build, data’s power to create value is limited only by your imagination.

 

Vital Investments in Your Data Low-Effort Investments  High-Effort Investments
These are the types of investments any company, anywhere, in any industry should be making in their data to ensure they’re deriving its base-level value and minimizing their exposure to risk. These are investments you can make to unlock more value from your current data set. They can be achieved quickly and using third-party technologies. These investments are significant and may involve developing and selling your own patented data products. While they may require a bit more effort, they also carry a lot of potential to transform your business and reward your investment.
Examples:

Risk Assessment: What risk does your data carry?

Data Sprawl Assessment: Where does your data live? How spread out is it on your network? Do you have control of its growth patterns?

Redundancy Identification: Are you paying unnecessary storage costs for data that is duplicated across your system?

Examples:

Data Exchange: Share your data securely with other companies and gain a competitive advantage by putting your data in a new context. 

Custom Data Ecosystems: These are pre-built data playbooks that you can use to gain a competitive advantage tailored to your industry, whether in energy, marketing, or healthcare.

Examples:

Custom Data Insights: Work with a partner like Trovo to develop custom insights that put your data to use to inform day-to-day operations or long-term investment strategies.

Custom Data Products: Design and sell your own patented data products. 

Trovo was built to connect the right set of technology and information to solve any business challenge. How can we help you reach the next level? Get in touch.