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

A Review of Basic Economic Concepts

The single most powerful concept in the world of business is Economics.

Economics is the branch of knowledge concerned with the production, consumption, and transfer of wealth or value. It is the scientific study of human action and behaviors, particularly as it relates to human choice and the utilization of scarce assets to achieve certain outcomes.

Technology is interesting and cool; it's that new shiny thing. But technology on its own is only a tool, and a tool is only as valuable as how it is used to derive and drive new sources of wealth or value.

As organizations try to determine the value of their data and analytics, they need a mechanism or framework around which to make those valuation determinations—which means understanding basic economic concepts. While some of you may have taken an economics class in college not too long ago, some more "seasoned" readers may be rusty. So, let's take the time for...