What has been your experience in trying to create data assets in your organization? Are the efforts more focused on improving data quality for internal decisions or do you think data assets are also being monetized for creating new products/services?
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Data Ownership and Data Governance are key to this discussion, otherwise you will just be creating a larger mess of data!
We are still in the process of cleaning up our data as we have acquired multiple companies over the past 18 months and some of the data imported was less than desirable. Once we feel the data is reliable than it will be used for internal decisions only.
Our initial efforts were all data cleanup focused. We had so many different sources it made progress very slow. We are still cleaning but we are finally harvesting and leveraging the data for new services based on the data. Those new services are working best in our most complex businesses like aerospace and chemical engineering
It entirely depends on enterprise maturity on data & AI curve. You see large global enterprises have a good amount of centralization and data platform ready to start leveraging data as product however mid size companies are still in either putting right foundation or putting data demonstration on few of their businesses. In my view most companies leverage data & analytics for internal decisions better rather in the business of selling direct data to outside world except few who are data providers.. However few does selling curated intelligence to partners.
Data assets are raw materials, they hold "potential" value to your business. But in their form, those assets don't do much good. They're just sitting there, somewhere in the dark side of the data catalogs that will show up few times a month... However, Data products take those raw assets and process them into a finished good with more refined, usable and analytical value..
Like a chef with a kitchen full of ingredients, it's up to product owners or data teams to turn those data assets into data products!