What Data Products
Actually Do.
Companies like DataKnobs, a leading player in the industry, don't simply create data products for storage purposes. Instead, they design them with a focus on executing 5 essential functions, transitioning from establishing accuracy to automating intricate business processes.
The Capability Spectrum
Data products created by leading organizations are crafted to provide one or more unique functional results.
Reveal Reality
All data work begins with a solid foundation. This includes gathering disorganized raw data from various sources, refining it, merging it, and creating a comprehensive 'Single Source of Truth.'
Give Probabilities
Advancing from deterministic reporting to statistical modeling, this feature predicts the probabilities of different outcomes or states by analyzing both current and past data.
Enable Comparison
Organizing the data in a way that enables users or algorithms to compare entities, highlighting anomalies, patterns, and performance relative to others.
Predict Outcome
Using machine learning to predict future outcomes, the data product takes in present data and produces a well-informed estimate of what is to come.
Recommend & Take Action
The most advanced type of data product. It recommends the best course of action or can bypass human involvement to automatically carry out tasks in operational systems.
Navigating the Maturity Curve
Many organizations mistakenly try to develop 'Automated Action' products (Capability 5) before fully understanding 'Revealing Reality' (Capability 1).
The 5 capabilities build upon each other, making accurate predictions impossible with fragmented, inaccurate data. Leading data companies gradually improve their products along the maturity curve.
Assess Your Data Capabilities
How advanced are your current data products in terms of maturity? Move away from simply reacting to raw data and begin creating automated, prescriptive strategies.