Organizations often struggle to extract maximum value from their data investments. Traditional grassroots and big-bang data strategies have proven to be inadequate in delivering real results. However, by adopting a new approach and treating data like a consumer product, companies can unlock immediate value while paving the way for future opportunities.
Introducing data products, the key to transforming data strategy. These products deliver high-quality, readily-accessible data sets that can be applied to various business challenges. By providing a comprehensive view of important entities or replicating real-world assets, data products empower organizations to make data-driven decisions effectively.
What sets data products apart is their ability to accommodate different business systems and consumption archetypes. These pre-wired products eliminate the need for extensive data processing and customization, saving time and effort. As a result, organizations can deliver new business use cases up to 90 percent faster and reduce total cost of ownership by 30 percent.
To succeed with data products, a dedicated management and funding structure is crucial. Each product should have a product manager supported by a diverse team of data experts who continuously improve the product and enable new use cases. Additionally, establishing standards, measuring performance, and ensuring data quality are essential for long-term success.
References
PWC: Creating Value from Data
Data valuation: Understanding the value of your data assets
McKinsey: How to Unlock the Full Value of Data? Manage it Like a Product