Data product
A data product is a strategically prepared, structured collection of data that serves specific business requirements. These data products are provided as services and can take various forms, such as APIs, dashboards, or analytical reports.
What is a data product? Definition, benefits, and best practices
In the modern digital economy, data products have become a key factor for corporate success. A data product is more than just a simple collection of data - it is a strategically designed digital asset that helps companies make data-based decisions and generate added value. Data products differ from traditional data collections in their product-oriented approach: they are developed, maintained and continuously improved like digital services. The focus is on the needs of the user. A successful data product combines high-quality data with user-friendly interfaces and clear business benefits.
Key elements of a data product
At its core, a data product is characterized by four central properties. The structured preparation of the data forms the foundation for its effective use. The user-centered design ensures that the data is provided in a form that is optimally tailored to the requirements of the target group. Comprehensive documentation enables independent use, while standardized service interfaces ensure seamless integration into existing systems.
- Structured data: Systematically organized information
- User-centered design: Aimed at specific target groups
- Documentation: Comprehensive description of use
- Service interfaces: Standardised access options
Central roles in data product management
The successful development and support of data products requires a well-coordinated team with clearly defined responsibilities. The data owner bears overall strategic responsibility and ensures alignment with the company's objectives. Domain experts contribute their specific expertise and ensure the quality of the content. Data product engineers, data analysts and data product managers work closely together to guarantee technical excellence, valuable insights and strategic development.
Data Owner
- Strategic management of the data product
- Responsibility for ROI and business success
- Alignment with corporate goals
Domain expert
- Technical know-how in the relevant business area
- Quality assurance of data content
- Defining business requirements
Data product engineer
- Technical implementation
- Data pipeline development
- Integration into IT infrastructure
Data analyst
- Data analysis and evaluation
- Create visualizations
- Deriving insights
Data product manager
- Product Strategy and Roadmap
- Stakeholder management
- Performance monitoring
Business benefits of data products
Increasing efficiency
- Optimized data usage
- Faster decision-making processes
- Reduced data management costs
Innovation funding
- New business opportunities
- Data-driven innovations
- Competitive advantages
Quality improvement
- Higher data transparency
- Improved data quality
- Standardised processes
Best practices for creating data products
1. Data collection and processing
- Identification of relevant data sources
- Quality check of raw data
- Standardised data cleansing
2. Data modelling and enrichment
- Development of robust data models
- Metadata integration
- Semantic enrichment
3. Deployment and maintenance
- API design and development
- Continuous quality assurance
- Regular updates
Examples of data products
Customer analysis
- 360 degree customer profiles
- Behavioral analyses
- Segmentation models
Business management
- Product catalogs
- Market analyses
- Performance dashboards
Operational excellence
- Sensor data analysis
- Process optimization
- Quality monitoring
Conclusion
Data products have evolved from technical tools to strategic assets. They enable companies to monetize their data resources in a targeted manner and generate competitive advantages. The success of a data product is based on a successful combination of technical excellence, business expertise and consistent user orientation. Companies that invest in professional data product management create the basis for sustainable, data-driven growth.
Data products can help companies gain a competitive advantage
Mike Kamysz
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