The 'Dean of Big Data'
In December 2021, DataDiligence produced our inaugural ‘Year in Review’. The report captured our thoughts and ambitions, client testimonials and case studies, plus pivotal articles and frameworks published during the first 12 months of our existence.
We were lucky enough to have the ‘Dean of Big Data’, Bill Schmarzo, write the Foreword for our report.
We won’t lie, we are big fans of Bill. And extremely grateful for the engagement and encouragement he has shown us on and offline. His work and insights have truly informed our approach to data due diligence, data strategy and delivering on data projects.
Over to Bill...
In the same way that oil was the fuel that drove economic growth in the 20th century, data will be the catalyst for economic growth in the 21st century.
But data is unlike any asset that we have ever seen.
Data never depletes, never wears out and the same data set can be used across an unlimited number of use cases to derive and drive new sources of quantifiable customer, product, and operational value...at zero marginal cost.
But even more, we can engineer our data and analytic assets using AI / ML such that these assets appreciate, not depreciate, in value - the more that they are used. That is, we can create assets that continuously-learn, adapt, refine and ultimately become more valuable the more that they are used. This is transforming the very foundation of competition, where in knowledge-based industries, the "economies of learning" are more powerful than the "economies of scale."
Understanding this industry-transforming phenomena — driven by the economics of data and analytics — leading organization realize that their data strategies must start by focusing upon the organization's sources of value creation and identifying the KPIs against which value creation effectiveness is measured.
Bottom-line: driven by the economics of data and analytics, organizations must focus on being value-driven, not data- driven.
Again, thanks so much Bill!
This article was first published on LinkedIn https://www.linkedin.com/posts/chelsea-wilkinson-35527079_data-analytics-ai-activity-6886580833587630080-WpQ8