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

The Law of Supply and Demand

The Law of Supply and Demand dictates the relationship between the quantity of a commodity that producers wish to sell at various prices and the quantity that consumers wish to buy.

Economics is governed by the Law of Supply and Demand, which dictates the interaction between the supply of a resource and the demand for that resource. It defines the effect that product or service availability and the demand for that product or service has on Price. Generally, low supply and high demand increases price, while high supply and low demand reduces the price (see Figure 3.5).

Figure 3.5: Wikipedia: Supply and Demand

Data Ramification: When we introduce the economic data valuation methodology in Chapter 4, University of San Francisco Economic Value of Data Research Paper, we'll quickly learn that not all data is of equal value; that the ultimate determinant of the value of a supply of data is dependent upon the demand for that data driven...