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?