Book Image

The Economics of Data, Analytics, and Digital Transformation

By : Bill Schmarzo
5 (2)
Book Image

The Economics of Data, Analytics, and Digital Transformation

5 (2)
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)
10
Other Books You May Enjoy
11
Index
Appendix A: My Most Popular Economics of Data, Analytics, and Digital Transformation Infographics

Transitioning from Business Monitoring to Business Insights

Here are the actions to transition from Phase 1: Business Monitoring to Phase 2: Business Insights:

  • Identify an organizational Strategic Business Initiative; that is, what is the organization trying to accomplish over the next 12 to 18 months from a business perspective, and what are the financial, customer, and operational impacts of that initiative.
  • Identify, validate, value, and prioritize the organization's key business and operational Decisions that the key stakeholders need to make in support of the targeted strategic business initiative. Cluster the decisions into common subject areas or Use Cases.
  • Capture, cleanse, normalize, transform, enrich, and make available the relevant data sources in a Data Lake (a data lake is a centralized data repository that allows organizations to store both structured and unstructured data at the lowest level of granularity)—at the lowest or most detailed...