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

Scarcity

Scarcity refers to limitations—insufficient resources, goods, or abilities—to achieve a desired end. Optimizing decisions about how to make the best use of scarce resources is a fundamental economics challenge.

Scarcity refers to resources being finite and limited. Scarcity means we have to decide how and what to produce from these limited resources. It means there is a constant opportunity cost involved in making economic decisions, and a need to balance unlimited needs and wants against a limited supply (see Figure 3.9).

Figure 3.9: Dilemma of Scarcity

Scarcity is at the heart of the economics discussion because organizations do not have unlimited financial, human, or time resources. Consequently, organizations must master balancing their scarce assets against the nearly unlimited opportunities. And there are always more opportunities than there are resources (the real essence of the scarcity dilemma).

Data Ramifications: Scarcity plays...