How to unlock the full value of data? Manage it like a product
“Creating reusable data products and patterns for piecing together data technologies enables companies to derive value from data today and tomorrow.”
In the article “How to Unlock the Full Value of Data: Manage it Like a Product,” McKinsey & Company’s QuantumBlack division discusses the importance of treating data as a strategic asset and managing it in a way that maximizes its value.
According to the article, many companies fail to fully realize the potential value of their data because they do not have a systematic approach to managing it. To unlock the full value of data, the authors recommend treating it like a product and applying the same principles of product management to its development and deployment.
This includes establishing a clear vision for the data product, setting measurable goals, and regularly tracking and analysing its performance. It also involves creating a data culture within the organization, in which data is seen as a valuable resource and is used to inform decision-making at all levels.
The article goes on to provide practical steps for implementing a data product management approach, such as building a data governance framework, investing in the right tools and technologies, and establishing strong partnerships with external data providers.
The article offers valuable insights for any company looking to maximize the value of its data and drive business success. I highly recommend giving it a read.
Read the full article at McKinsey.com here
