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Ideas worth spreading

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Building data driven products and services

Imagine being able to churn out the missing links in your supposedly accurate business strategy with the help of resources available at hand. The right Data facilitates the process of decision making by bringing about deep business insights. Building Data driven products and services is not a business obligation anymore, it is an opportunity to drive growth for your business. All you would need is:

  • The understanding of Big Data
  • Using the right Data in the right context
  • Deployment of the target Data by the right person, who realizes the core essence of that data

A very good example of an enterprise that has managed to leverage Big Data for running their core would be Their product is definitely built out of a lot of Data that has helped millions of people find their family stories through record collections about DNA, birth, census, photos, death, immigration, military documents and what not. Since their business is pretty serious, messing up Data can lead to errors and a downfall of their business idea.

The way they work by utilizing the resources and maintaining the hardware is exemplary. Now, that must inspire companies of all sizes about handling their Big Data well and hence, maintain a competitive edge.

Generally speaking, the concept of Data driven products and services has largely been driven by mixed perceptions. However, the right approach towards building data empowered products and services should be:

  • Assessing the design and the model of the offering through an initial contemplation of the available data which is based on user preference.
  • Structuring the approach in a way that the product strategy is being constantly updated.
  • An understanding of the behavioral data generated by users
  • Understanding the target persona and creating an equally competent support infrastructure
  • Developing a data storage and access strategy, and
  • Developing and enhancing skillsets in data sciences for kickstarting innovation.

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