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 Economies of Learning

The book The Lean Startup by Eric Ries highlights the power of the Economies of Learning concept with a story about stuffing 100 envelopes.

Instead of the traditional Economies of Scale approach associated with the division and specialization of labor—first folding all 100 newsletters, then stuffing all 100 of the newsletters into envelopes, then sealing all 100 envelopes and finally putting stamps on all 100 of the envelopes—Ries discovered the optimal way to manage these tasks is to fold, stuff, seal, and stamp one newsletter at a time. The reason why this "one at a time" approach is more effective is because:

  1. From a process perspective, you can learn what's most efficient by conducting the collective tasks one after the other and immediately reapply those learnings in the next instance (like inserting a newsletter crease first into the envelope so the newsletter doesn't catch on the envelope flap).
  2. ...