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

Empowerment #4: Embrace an "AND" Mentality

"AND" Mentality embraces differing perspectives to blend, bend, and break apart the different ideas to create something more powerful and more empowering than what was there before.

Another history lesson (I always loved history in middle school): If you had challenged car manufacturers in 1979 to increase horsepower while also improving mileage per car, the automobile executives would have looked at you like you had lobsters crawling out of your ears. However, that is exactly what happened.

The car manufacturers in the 1970s operated with an "OR" mentality—customers could have cars with good "fuel mileage OR horsepower" but not both. However, the automobile industry was forced to reframe this mindset when the U.S. government mandated higher vehicle fuel mileage in 1975 and then again in 2007. And instead of going out of business, car manufacturers (or at least some of them—I&apos...