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)
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Appendix A: My Most Popular Economics of Data, Analytics, and Digital Transformation Infographics

Transitioning from Business Optimization to Insights Monetization

Here are the actions to transition from Phase 3: Business Optimization to Phase 4: Insights Monetization:

  • Aggregate, cluster, and classify the customer, product, and operational insights, captured in the Analytic Profiles, into new revenue or Monetization opportunities. Create a rough order estimate of market size and viability of new monetization opportunities and assess how the new opportunities leverage and/or extend existing data and analytic digital assets.
  • Create customer and operational Journey Maps to identify sources of customer and market value creation and then map those sources of Value Creation against the organization's internal data and analytic capabilities for Value Capture.
  • Explore new customer and market "as a service" consumption models that not only support the new Monetization Opportunities but yield new sources of customer, product, and operational insights...