What are Data Products: Unlock the Power of Your Data
Data is everywhere. We generate and consume data every day by browsing the web, using social media, shopping online, streaming videos, and more. However, data alone is not enough to create value. We need to transform data into insights, actions, and outcomes. That’s where data products come in.
A data product is a product or a service that uses data as a core component to deliver value to its users or customers. Data products can be classified into two types: analytical data products and operational data products.
Why Data Products Matter?
Data products are transforming the world. They enable new ways of creating value, solving problems, and enhancing experiences. They empower users and customers to make smarter choices, achieve better outcomes, and enjoy more convenience. They also create new opportunities and challenges for businesses, organizations, and society.
Analytical Data Products – The Most Commonly Known
Analytical data products are designed to help users or customers make better decisions based on data. They provide insights, recommendations, predictions, or explanations based on data analysis. Examples of analytical data products are:
- Dashboards and reports that visualize key metrics and trends
- Search engines that rank and display relevant results
- Recommendation systems that suggest personalized items or content
- Fraud detection systems that flag suspicious transactions or activities
- Natural language processing systems that understand and generate text
- Computer vision systems that recognize and label images
Data products are the future. Are you ready to build them?
Unlock the power of your data with Hoonartek’s services. Go from insights to action faster.
Operational Data Products – The lesser-known cousin where Hoonartek excels as well
Operational data products are designed to automate or optimize a process or task based on data. They provide actions, interventions, or feedback based on data-driven rules or algorithms. Examples of operational data products are:
- B2B Messaging Solution – popularly known as OTP
- Omnichannel Personalisation
- Agent Dashboards
- Customer 360 platforms
- E-commerce platforms that manage inventory, pricing, and orders
- Online advertising platforms that match ads to users and measure performance
- Smart home devices that adjust temperature, lighting, and security
- Self-driving cars that navigate roads and avoid obstacles
- Chatbots that converse and assist users
- Gaming platforms that create and adapt game environments and characters
How to build data products
Building data products is not a trivial task. It requires a combination of skills, tools, and processes from different disciplines, such as data science, software engineering, product management, and user experience design. Some of the key steps involved in building data products are:
- Define the end goal and the value proposition
- Work backwards from there
- Identify the data sources and the data quality
- Explore and analyze the data
- Develop and test the data solution
- Deploy and monitor the data product
- Iterate and improve the data product
Final Words
Modern technology depends greatly on data to deliver value to its users. AI models rely on the underlying data to automate processes and improve operational efficiency. However, not all data is created equal. Data put in order with an end goal in mind (data products) delivers a far superior outcome that meets business goals. Data products are the future. Are you ready to build them?
Peeyoosh Pandey
Peeyoosh is a passionate business leader with 25+ years of industry experience and a proven track record of building businesses for scale. He is a veteran of the IT services industry. Peeyoosh thrives on building deep executive relationships and long-standing customer engagements and excels at managing stakeholders across BFSI, Healthcare and ISV with a focus on Digital Transformation, Cloud, Security & CRM solutions.
