Jinfo for content purchasing
Jinfo Blog

By Robin Neidorf

Abstract

Find out how you can adapt your thinking and approach to licensing to make the most of today's data options, and how the business context for value varies based on organisational goals and other factors.

Item

If there's a common theme running through the questions Jinfo has received over the past 12 months, it's got to be this:

How do we adapt our thinking - and approaches to licensing - to meet the demands of the world of data?

If you are currently licensing data in addition to traditional information products, you already know about:

• Inconsistencies in suppliers' approaches to pricing
• Challenges of getting project stakeholders to define what they want to do
• Technological complexity in getting data and systems to interact as intended
• Struggles to define value - and then negotiate, manage and communicate on that basis.

(And if you're not yet licensing data... well, here's a peek at what's coming.)

It starts with business goals

Jinfo presented a poster on determining the value of external data at a special meeting of a pharma industry group in London. Figure 1 is an extract from the top of the poster, explaining the foundation of determining and improving the value of licensed data. You can request a free copy of the full poster here.

Figure 1: extract from poster on determining the value of external data

Fundamentally, this approach is no different from our strategic approach to measuring the value of your content portfolio, which we teach in the Jinfo Consulting workshop, "Holistic content portfolio management".

First, define what the business wants to accomplish. Then describe the specific use-cases through which staff work towards those goals. Finally, determine which datasets or information needs to be part of that use-case for the staff to be successful.

Simple, but not easy. We'll walk through a few examples of this in the upcoming Community session, Jinfo for content purchasing, running on 5th August. Seats are limited, so register here today.

No shortcuts

I wish there were a shortcut to defining the value of licensed data and information. But value depends on context, and the business context for value changes based on department, user group, or overall strategic focus.

As part of the current Research Focus, "Benchmark information services - progressing towards transformation", Jinfo has created sample analyses of demonstrating the value of information products and services against these business goals:

• Growing revenue
• Efficiency
• Innovation
• Risk management
• Transparency
• Smarter decisions

Use these as a starting point for valuable dialogue with your stakeholders about what success looks like, and all the ways you - and the data you license - contribute to it.

We can help

For tailored support in adapting your approach to licensing to refocus on value and meet the demands of the data-driven world, please consider bringing in the Jinfo Consulting workshop, "Holistic content portfolio management".

Or contact Claire Laybats to discuss your particular needs.

« Blog