What is the Business Valueof Data Products?
Transforming raw data into a strategic asset
Organizations are increasingly turning to data products to turn raw data sets into strategic assets. According to the Gartner® 2024 Chief Data and Analytics Officer (CDAO) Agenda Survey, an impressive 50% of respondents have already deployed data products. Another 29% are exploring their potential.
But what makes these tools so critical in today’s business landscape?
Watch the video to learn everything you need to know about the real business value of data products for your organization:
Discover how data products tailored help your business navigate challenges, drive insights, and unlock strategic value. Empower your teams with integrated AI and democratized data access to foster a culture of data-driven decision-making and propel your business forward.
The data product advantage for businesses
Data products are integrated, self-contained sets of data. They are trusted, maintained, and reusable resources that are tied directly to specific business cases and, ideally, goal and value definitions. By transforming raw data into actionable insights, data products enable organizations to separate meaningful signals from the noise and improve strategic decision-making.
They let your teams work and collaborate more efficiently with data and enables them to gain more reliable insights to make strategic decisions.
They speed up and scale the process of delivering reliable insights based on quality-assured data products to the business.
And they help you shift towards a more agile and scalable approach to working with data. They reduce the use of inflexible tools and point solutions to get more out of your existing investments.
Common data-related challenges today
Data integration and quality:
Diverse data sources lead to inconsistent data quality, hindering accurate decision-making.
Data processing times:
Delayed data processing block timely decision-making, impacting responsiveness.
Customer data management:
Balancing deep customer insights with privacy and data protection regulations.
Market analysis:
Rapidly changing markets require constant data updates.
Cost management:
Effectively using data to reduce costs without compromising other business areas.
Risk prediction and management:
Anticipating risks accurately requires advanced analytics capabilities.
Staying ahead of competition:
Constantly analyzing competitive data is resource-intensive and may require sophisticated tools.
Employee data literacy:
A general lack of data literacy can limit the effective use of data across the organization.
Many companies today are already looking at data products to address these challenges. They promise to meet the demand for new technologies: Fast, easy, secure, sustainable, reliable, consumer-centric, self-service.
We believe delivering business value using data products will become a compelling trend in the near future.
Gartner® | 6 Lessons Data Leaders Can Learn From the Early Adopter of Data Mesh
Data as a Product to define and achieve unique goals
According to HBR, companies that treat data as a product can reduce the time to implement them in new use cases by 90%, decrease their total ownership costs by up to 30%, and reduce their risks and data governance burden.
Cost reduction
Streamline operations and reduce unnecessary expenditures.
Revenue uplift
Empower businesses to identify and seize new revenue opportunities through enhanced insights and customer engagement.
Business risk reduction
By providing comprehensive and accurate analytics, data products significantly mitigate business risks.
Regulatory compliance
Maintaining high data integrity and proactive compliance management with data products protects compliance and enhances business reputation.
Gain new resources
Data products unlock new analytical capabilities and insights, providing access to additional resources, e.g. through monetizing data product insights
Save resources
Efficiency gains from data product use result in substantial resource savings across the organization, e.g. enhancing sustainability or saving time in processes.
In order to make data products truly valuable, IT, data and businesspeople need tools like One Data to build, manage and share data products easily. One Data also helps you quantify the intended business value and goals of your data products, enabling measurement and continuous improvement. This reinforces the mantra—you can’t improve what you don’t measure. This is critical for iterating on data products to ensure they deliver tangible, impactful results.