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

Introduction

The importance of data has changed over the years. As the volume, variety, and velocity of the data grew over the past few years, the economic value of data has been transformed by the big data phenomenon[citation 1] that has enabled organizations to capture a broader, more granular, and more real-time range of customer, product, operational, and market interactions. Today, business leaders see data as a monetization opportunity, and their organizations are embracing data and analytics as the intellectual capital of the modern organization.

More and more companies are also contemplating the organizational and business challenges of accounting for data as a "corporate asset."

Data as an asset exhibits unusual characteristics when compared to other balance sheet assets. Most assets depreciate with usage. However, data appreciates or gains more value with usage; that is, the more the organization uses the data across more use cases, the more valuable,...