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

Empowerment #2: Speak the Language of the Customer

Speaking the Language of the Customer ensures that everyone not only has the same customer-centricity focus but speak the same language that the customer uses (that is, avoids internal acronyms and buzzwords).

Establish a common language so that everyone uses the same words to describe the same goals, assets, and actions. To institutionalize the "language of the customer" in your organization, I recommend embracing the empowering and innovative discipline of Design Thinking.

Design Thinking is a customer-centric discipline that necessitates an open and collaborative mindset that leverages facilitated ideation techniques and tools to discover and validate unmet customer needs within the context and constraints of a specific customer problem or opportunity.

Design Thinking is a highly iterative yet scalable process that starts by:

  • Empathizing with the targeted customer's challenge.
  • Defining...