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

Price Elasticity

Price Elasticity of demand is the quantitative measure of consumer behavior that indicates the quantity of demand for a product or service depending on its increase or decrease in price.

Price Elasticity of demand is the degree to which the effective demand for some item or service changes as its price changes. Price elasticity of demand is an indicator of the impact of a price change, up or down, on the demand for an item or service. As the item or service gets more expensive, fewer people or organizations can afford that item or service. Likewise, as the item or service gets less expensive, more people and organizations can consequently afford that item or service.

The price elasticity of demand is calculated as the percentage change in quantity demanded divided by the percentage change in price. If the price elasticity of demand is greater than 1.0, then the price is elastic (that is, demand for the product is sensitive to an increase in price). If the...