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)
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Appendix A: My Most Popular Economics of Data, Analytics, and Digital Transformation Infographics

Team Empowerment History Lesson

In the 1805 Battle of Trafalgar, British Admiral Lord Nelson faced the superior forces of the combined French and Spanish naval Armada. The French and Spanish naval Armada was determined to clear a path for Napoleon to invade England, and only Lord Nelson stood in their way. Lord Nelson was badly outnumbered and outgunned, so he needed to reframe his battle strategy to overcome these debilitating disadvantages.

In 1805, the standard method of naval warfare involved ships lining up parallel to each other to maximize the effectiveness of their cannons. Naval battle in the "Age of Sail" was a simple game of math—firing cannonballs more quickly than your opponent was the best way to ensure victory. Yes, the Key Performance Indicator (KPI) for naval battle success could have been "shots per minute" based on the number of cannons and the crew's ability for rapid reloading.

Given his predicament, Lord Nelson decided...