Data products
A data product is a software application that uses data to produce analytical results for strategic and operational decisions. For instance, an insurance firm might create a data product that uses machine learning to predict a customer’s claim likelihood based on their profile and past data. This assists insurance companies in setting accurate premiums and resource allocation.
The interplay between business and data strategies is fundamental to the success of modern organisations. A business strategy outlines the overall direction and goals of an organisation, whilst a data strategy provides the framework for how data will be handled and used to support these objectives.
By aligning the two, businesses can ensure that their data collection and usage are purposeful and directly contribute to the achievement of strategic goals. This synergy not only streamlines operations but also empowers businesses to harness the full potential of their data, leading to:
- informed decision-making
- enhanced competitive advantage, and
- business growth
