Before explaining what data products are, it is worth noting that every company and each of its departments is a potential consumer and producer of data.
Given that every company needs data to make business decisions, it is hard to imagine departments being unable to access the information available, or having to deal with a multitude of data sources.
Yet this data has not always been, and still is not always, available in a simple, easy-to-understand form, especially in large enterprises with scattered spreadsheets and storage methods that make the entire query process chaotic.
But all is not lost. In recent years we have seen a shift in how we handle data, creating a more collaborative environment between those who generate data (data producers) and those who want to use it (data consumers).
What are data products?
Data products (Data Products) are an innovative, modern way to create curated datasets that can be saved, published, searched and consumed by internal teams or sold to other companies, creating a new revenue stream.
Designed to answer targeted business questions, data products should be easily accessible to both data producers and data consumers.
There are three key points about this definition:
- Built for a specific purpose: data products should be requested for a reason. Data is hand-picked to address a specific need, so products are built around that need and generate a higher financial return.
- Driving data democratization: data products add value because they are accessible and self-contained, so anyone can access the data with ease.
- Built for any consumer: data products have no specific commercial value of their own, but they serve, for example, when we need data point X to solve problem Y.
Although data products stem from an initial request, they are not confined to a single team, which would turn into a big game of telephone. Sharing them across the entire company is highly recommended so they can be evaluated from different perspectives.
This prevents them from operating as independent entities and creating data silos.
How do you put this into practice?
There are countless ways to execute a data product strategy, but it has to make sense for the team. Keep in mind that the end goal is a stronger sense of data control, data accountability and data democratization across the organization.
To make this happen, a few practices are important, such as:
1 – Demand-driven: data products should have a clear purpose, which fosters greater contribution and collaboration between producers and consumers.
2 – Reusable and scalable: data products should be designed for ease of use so they can be reused in any other situation, spreading data democratization.
3 – Discoverable and accessible: data products should be simple, since the idea is for information to be found easily, ensuring smoother decision-making.
4 – Ownership: as the name suggests, the data owner must be committed to managing these products properly throughout the entire lifecycle of the information.
How can Digiage and Starburst help?
Building and managing a data culture is no simple task, which is why Digiage offers the Starburst platform so you can create data products in the way that works best for your company.
Starburst data products are unique because they let you discover, publish, manage and share data products built on multiple data sources. Instead of being limited to data products from a single location, Starburst gives you the power to create and maintain trusted data products for your entire company, no matter how many data sources you use. Users can find the right data to answer important questions from one central place, creating a kind of data store or marketplace.
