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 Economic Utility Function

Utility is a term in economics that refers to the total satisfaction (or perceived value) received from the consumption or use of a good or service; the concept of utility is used to model worth or value.

Economic theories based on rational choice usually assume that consumers will strive to maximize their utility or value. The Economic Utility of a good or service directly influences the demand and the price of that good or service. The economic utility definition is derived from the concept of usefulness. An economic good yields utility to the extent to which it's useful for satisfying a consumer's want or need. Marginal Utility is the utility gained by consuming an additional unit of a good or service.

Data Ramifications: Utility is measured by the perceived value received from the consumption or use of a good or service, which means that the utility or perceived value from data and analytics is measured by the perceived value received...