Why companies fail to capitalize on the enormous potential of data?
Business Leaders are aware that they have to put data to better use, yet many companies fail to fully capitalize on the enormous potential data can bring in. One prime reason for this is because data is seen just as data and not as a product. As a result, data is not repurposed and individual use cases use different data sets modelled for that specific use case.
Companies make products keeping different customer segments in mind catering to different needs, yet the core product remains the same. Similarly, companies should treat data as a product to optimally address different use cases.
For eg: In a traditional data approach, customer records, customer service calls, customer orders are all different siloed data sets. In the data as a product approach, Customer is treated as one data product and hence all the data sets for the customer are to be one data model providing a 360 degree view of the customer.