17 CHAMPION GUIDES 17 FIVE QUESTIONS TO ASK ABOUT YOUR DATA Can you easily access and use all relevant data to deliver a holistic understanding and daily view “of your business? Can you capture the right data to test your value metric and assess its strength over time? Does your data demonstrate how well sales reps are performing and what adjustments might be needed to your compensation structure? Do data scientists have access to a centralized repository so they can build data models that deliver daily insights into your financial metrics? Can you track and share consumption data with customers and empower them to understand and optimize their spend? The number-one requirement for a consumption-based business model is accessible data. Otherwise, it is impossible to understand your business, test your value metric, assess and compensate sales reps, deliver financial metrics, and track customer usage. In short, everything you need to do to run your business is tied directly to data. LEVERAGE DATA That’s why you must put modern systems in place, and ensure data is held in a centralized location that provides a single source of truth. Any isolated business systems or Excel spreadsheets become data silos, which prohibit information from being shared in real time. Unified data is the foundation for robust analytics and data science models that provide timely business insights. Consumption-based pricing strategies require a holistic view of your business, and that view must be updated on a daily basis. In short, data is your keystone for success when implementing a consumption pricing model, and you can only use it to your greatest advantage when you have unfettered access, a centralized source for truth, and near- limitless scalability and flexibility.