Monetizing the data resident in the activities


of the members of associations is often a self-funding initiative. HKA has built and maintained member-based databases for the mutual fund industry, the industrial supply industry and the real estate industry. These initiatives can be because the data can be sold to companies supporting the industry or the members themselves. These opportunities are complex and often require ongoing data and cleansing. HKA handles all these issues, often employing AI solutions to extract data from diverse sources.
Two of HKA’s largest initiatives created large sector specific companies creating and managing value for their owners; Fundata Canada Inc. and Insite Real Estate Information Systems. These were initially formed by the sectors’ respective associations; The Investment Funds Institute of Canada (IFIC) and The Building Owners and Management Association (BOMA). In large associations, chances are the data associated with your members or their activities is either being managed poorly; or worse, fails to take advantage of any monetizing opportunities. Associations that seize the opportunity to become stewards of their industries’ data establish themselves as the source for industry data; and confirm their industry leadership based on accurate data and analytics. As time passes, the value and depth of the data form an asset that cannot be matched. Cost mitigation is achieved by streamlining back office operations for the association, or by selling industry related data to members and third parties.
Call HKA Data for a free consultation and objective view of your association’s data opportunities.

Case Studies

Fundata
In the mid-eighties The Investment Funds Institute of Canada (IFIC) oversaw the brokers and dealers of mutual fund investment products. In addition to helping form and govern the rules for their members, they also gathered the prices for each fund daily. The net asset value per share of a mutual fund (NAVPS) was called in to IFIC by telephone, written on a sheet of paper and physically delivered to the wire services where it was published daily. Often errors were made; prices were misquoted, or mis-typed. HKA designed and operated a system to accurately record the prices. Reports were printed for the wire services and the data were retained for statistical and archival purposes. As the number of mutual funds grew, it would be untenable to have every individual mutual fund to report their NAVPS to every newspaper. Fundata Canada Inc. was formed in 1984, owned 50/50 by IFIC and HKA Data and continues to be Canada’s source for all the mutual finds prices, dividends and other investment fund dealer and broker data. In 2019 Fundata sold for a valuation of 110M.
Industrial Supplies
The Industrial Supply Association (ISA) represents the tool manufacturers and sellers in North America. The sellers rely on images and specifications to sell their goods. Large companies have sophisticated data systems to serve their resellers, but smaller manufacturers (90% of the ISA members) are challenged when it comes to getting images and accurate data compiled and distributed to their resellers. ISA and HKA set the data points of an industry wide database that relieves manufacturers of their need to publish and distribute their product data and images. HKA Data completed a 2000 product database and catalogue which led to standards in product details, weights and sizes in US and metric notation.
Canadian Anesthesiologists' Society
Some industries have complex remuneration and human resource issues. Unionized industries are one example, but there are many other non-unionized industries that struggle with human resource scheduling, tiered compensation formulae and even expense account reconciliation. Many emergency services and other first responder personnel have to be on-call in the event of disaster. Fair scheduling and remuneration are challenges that can become very complex due to specialized skills, individual availability and in some cases revenue sharing among work teams. Anaesthetists in a major Toronto hospital were paid as a department, and the department head struggled with scheduling his team in a balanced manner. Some would not work Saturdays, some would not attend abortions, and most did not want to work consecutive holidays. HKA consulted with this hospital and others in Canada to establish generic rules that could be applied programmatically. The system that resulted helped the department heads capture, balance and report on the many individual requirements of their teams. Of note, some unions have embraced this software as a requirement that ensures that a balanced workload is adopted by management, and is specified in their collective agreements.

Also see: Canadian Anesthesiologists' Society

Volume 36, Number 6 (1989), 722-727, DOI:10.1007/BF03005430

Familiar Applications – Member Data Monetization
In addition to being of value to the individual members, some industry associations control the digital rights of their members’ data and offer the data on a subscription basis. Copyright of the data is now widely understood and respected. Monetization of the data requires an understanding of the industry, the identification, control and standardization of the data generated by the industry, and the accurate collection and organization of these data. Cost is linked to data volatility, volume and distribution. Just as the mutual funds have individual price data that is published daily, the data itself is used by third parties to do their own analysis or resell in value-added publications. This model has not been lost on the sporting industry; virtually every sport’s statistics are gathered and distributed for a fee.

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