Thanks for being here!
Announcement(s):
Now you can access 90 West’s consumer transaction data via our Insights Platform (powered by Exabel).
Contact me to learn more.
THEME that emerged in this week’s email is … the importance of developing a data strategy early in the process and taking a “data product” mentality to effectively drive the most impact.
QUOTES
“It’s about engaging with the business and delivering what they (decision makers) are looking for by acting as a translator, asking sensible, structured questions about data usage and benefit. And perhaps adopting the language of product management in doing so.”
Steve Prokopiou, Data Product and Proposition Lead at First Central
News Articles
Podcasts
Cool Charts
Final Thoughts (Information is Beautiful)
Appendix
#1 – Doug Laney published in CDO Magazine A Product Management Approach to Data Monetization. October 2022.
My Take: This is the first of a three-part article. As companies look to squeeze more from their data assets, it is worth pursuing a product management approach rather than a project management approach. A product management is a much more effective way to quickly demonstrate real-life, day-to-day benefit from the data. I have discussed the importance of getting quick wins in the past. This allows the data team to development some momentum and gain the support of the broader organization, which is important when you later tackle larger, more complex, initiatives.
#2 – Jonathan Neitzell & Bethany Schuttinga of Anduril Partners published Developing a Data Driven Strategy. September 2022.
My Take: Clear and succinct article about the importance of intentionally addressing your data strategy as a company. Most interesting to me was the statistic that as recently as 2012, only 12% of companies had a Chief Data Officer or Chief Analytics Officer. Today 73% of companies have that role. Two things … first, that is tremendous growth. Second, there are still 27% of companies without this role.
#3 – Emilie Schario of Datafold published Understanding your Data: The People Behind it. October 2022.
My Take: This is the first of a three-part series. Lots of people are engaging with data…creators, consumers, practitioners. Empathy between the groups is important. I have said in the past that this (working well with “big data”) is such a new phenomenon in our world, the people knee-deep in the stuff every day often might not realize how big a change we are helping to drive…and how hard big changes are for most people. Our “mandate is not small” to quote the article.
BONUS: World Economic Forum published What is ‘dark data’ and how is it adding to all of our carbon footprints?. October 2022. The article argues that organizations need to think about how to manage their data to minimize their digital carbon footprint. I would think digitization of records, no matter how frequently accessed, is preferred to the alternative, which would be destroying the data or storing a physical copy of the record in some climate-controlled warehouse. Since an increasing amount of data is being stored in the cloud, which is largely controlled by Google, Amazon, & Microsoft … all major companies that have publicly pledged initiatives regarding our climate … I think we are headed in the right direction.
#1 – Mark Fleming-Williams interviewed Mathieu Colas of StarzData. October 2022.
My Take: Data discovery remains a large problem. There is too much data available, much of it worthless for any single use case. The key is finding the right data, at the right time, in the right format for consumption. StarzData is taking a crack at solving this vexing problem. They aim to become the TripAdvisor of the data world. This allows for users of data to share reviews and help guide future buyers. Our host asks an insightful question (~minute 16:30) about the willingness of buyers to share their findings broadly within the community. Most are willing to share within an organization, but more hesitant to share if there is potential for a competitor to gain some benefit. Data discovery is a tough problem, will be interesting to see how this platform grows.
Highlights (42-minute run time):
Minute 01:00 intro
Minute 01:50 StarzData background; Lego analogy
Minute 05:30 discussion of strategy consultants and use of data
Minute 10:45 getting specific about StarzData and how it works
Minute 12:15 how do you hunt for datasets?
Minute 16:45 “trip advisor of data” and ability to share feedback about data and data vendors with the market
Minute 24:30 creating ability to test data before buying; liquidity issues
Minute 26:00 more than just a marketplace
Minute 30:00 importance of ability to use the platform for free
Minute 33:00 how will people discover data in the future? Catalogs? Marketplaces?
Minute 38:20 Mark’s summary of the conversation
Minute 40:00 the competition
Source: Taylor Brownlow published The Analyst’s Workflow is Broken.
The Life of an Analyst as originally (I think) found on Twitter.
Source: Information is Beautiful Awards. Presented by the Data Visualization Society.
This organization celebrates the art of data visualization. Taking all the data we have and organizing it with a crisp, clean image that communicates to the audience exactly what message you are trying to deliver is an underestimated skill.
Back after a two-year hiatus, the 2022 award ceremony will be November 30 in Washington DC.
Check out the history of the awards back to 2012.
A couple of my favorites:
Easier to see the below image here.