DSPs Power Business Value With Data Products
Forward-thinking organizations are rethinking ways to broaden and simplify data access and reuse—to unlock the full value of their data. A big step forward in that direction? Embracing product thinking for data.
Unlocking the Data Treasure Chest
Designed to help businesses maximize the value of their data assets in a systematic and sustainable way, data products are trustworthy datasets purpose-built for easy sharing and reuse.
For example, in financial services you might use data streams for accounts and payments to build a fraud detection system and then reuse that exact same data product to build a customer payment notification system for a banking application.
How important do you see data streaming platform technology to achieving your data and information related goals?
Tapping into the Potential of Data Products
Data drives some of today’s most important business use cases. By eliminating the data mess created by point-to-point connections, data products enable instant access to reliable and trustworthy data. The result? It helps businesses solve new problems, unlock endless use cases, and drive agility.
Respondents highlight several key benefits of data products, including more confident data sharing across business units and new opportunities for innovation and value creation through easier data discovery and reuse.
How would you rate the benefits of data products?
The rationale for adopting a 'data product' approach is becoming increasingly clear, as organizations seek to maximize the value of their data assets in a systematic and sustainable way. Data products are emerging as a key enabler of data-driven transformation.
The Anatomy Of a Good Data Product
While the rationale for data products is clear, how do we know when a data product is well-designed?
Our survey results highlight several key elements, including data lineage and well-defined governance policies, that need to be incorporated into the design and delivery of data products. This ensures organizations can create more robust, reliable, and valuable data assets that drive better business outcomes.
Are the following important when publishing streams as data products?
While the rationale for data products is clear, it's equally important to understand the specific elementsthat define a well-designed data product.
Level of benefit from the publishing streams as data products
Drive Data Product Adoption
Embracing a systematic approach to data products adoption can drive significant incremental value to businesses. Engage your business and functional areas from the get go. As you scale adoption, ensure you have standards and best practices in place to drive success with data products.
While it may seem daunting, it can be mobilized with the following framework:
- Prioritize mission-critical use cases that matter to your organization—those that drive innovation, reduce costs, mitigate risks or enhance customer experience.
- Identify relevant data inputs for critical consumption patterns, group them by data types and /or domains and map them to source systems.
- Determine if a combination of data assets can be reused to drive value across multiple use cases and functional areas by converting them into a data product.
- Evaluate if the data needed for those use cases are readily available, timely, trustworthy, and of high quality, among other things, to migrate them to data streaming.
