Book Image

The Economics of Data, Analytics, and Digital Transformation

By : Bill Schmarzo
5 (1)
Book Image

The Economics of Data, Analytics, and Digital Transformation

5 (1)
By: Bill Schmarzo

Overview of this book

In today’s digital era, every organization has data, but just possessing enormous amounts of data is not a sufficient market discriminator. The Economics of Data, Analytics, and Digital Transformation aims to provide actionable insights into the real market discriminators, including an organization’s data-fueled analytics products that inspire innovation, deliver insights, help make practical decisions, generate value, and produce mission success for the enterprise. The book begins by first building your mindset to be value-driven and introducing the Big Data Business Model Maturity Index, its maturity index phases, and how to navigate the index. You will explore value engineering, where you will learn how to identify key business initiatives, stakeholders, advanced analytics, data sources, and instrumentation strategies that are essential to data science success. The book will help you accelerate and optimize your company’s operations through AI and machine learning. By the end of the book, you will have the tools and techniques to drive your organization’s digital transformation. Here are a few words from Dr. Kirk Borne, Data Scientist and Executive Advisor at Booz Allen Hamilton, about the book: "Data analytics should first and foremost be about action and value. Consequently, the great value of this book is that it seeks to be actionable. It offers a dynamic progression of purpose-driven ignition points that you can act upon."
Table of Contents (14 chapters)
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Appendix A: My Most Popular Economics of Data, Analytics, and Digital Transformation Infographics

The CEO Mandate: Become Value-driven,Not Data-driven

"Data is the new oil."

For the first time in my long tenure in the data and analytics business, the world has started to associate "value" to data. In fact, The Economist on their May 6, 2017 magazine cover declared, "The world's most valuable resource is no longer oil, but data," validating the digital future and putting an end to the way most organizations have previously regarded data in its collection, storage and associated reporting—as a necessary cost of doing business and one to be minimized, at that.

But what does "data is the new oil" really mean and how will it impact organizations?

In the same way that oil fueled the economic growth of the 20th century, data will be the catalyst for the economic growth of the 21st century. That data, including Big Data and Internet of Things (IoT) data, coupled with advanced analytics, such as Artificial Intelligence (AI...