Viewing information as an asset, centralized, data revenue generation must align with well-known research and development (R&D) and product management approaches. Not to alleviate the many challenges and tasks involved in generating information, but if certain basic concepts are properly applied, you will receive significant rewards.
Upgrade from data. Project Management to data Product Management
The first step in generating data revenue, regardless of whether you are a data officer (CDO) or an analytics leader, is to assign the team responsible for identifying and generating real economic benefits from existing data assets. . You can report to the Data and Analysis Executive, to the Enterprise Architecture Team, to the Chief Digital Officer, or perhaps to the Head of Commerce.
It is important to create a unique, specific data product management role, especially when business and data leaders agree to monitor direct data revenue generation by licensing or exchanging data. Typically, companies have a specific approach to managing and marketing products. Similarly, if you are considering licensing information in any form, you need someone who is responsible for defining and developing the information market and making it available.
It can be difficult to find the right talent for this role. Traditional product managers may be more useful than other candidates, although they do not have significant data and analytical knowledge. But why not consider hiring experienced data brokers such as Experian, Equifax, D&B, IRI, LexisNexis, Nielsen or JD Power?
Ideally, the data product manager will report to the CDO (an emerging role of the data center itself) or to a new data product business line. This chain of command, requested by IT, emphasizes that the information is commercial, not IT property. In addition, the data product manager gives the opposite weight to data scientists who may be deceived and preoccupied with the intricacies of a business venture.
When we talk about CDs, Gartner’s most recent Chief Data Officer Survey The success of the CDO is 3.5 times greater than that of the data generating targets, which is only 1.7 times higher than the data and analysis investments (ROI), and 2.3 times higher. You have successfully reduced the time spent marketing. More reason to hire a unique data product manager.
Borrowed from the traditional product management Playbook
The data product manager can and should borrow from existing product management sectors
- Planning and planning new ways to generate information
- Identify or develop information markets among partners and others and
- Collaborate with IT, Marketing, Finance, Legal and other product management teams to achieve information productivity objectives.
Pitian CEO Paul Valley, a former CEO and now a Canadian-based Pitian board member, spoke about the company’s experience in taking a more productive approach. The committee decided that the process was not working and that the company needed an owner to lead the process.
“We need someone who understands exactly how the business works. We need someone who has been with the business for a long time and who has been involved in setting up our operations. But in the end, one has to be a leader.
Similarly, Samir Desay, chief digital and technology officer at Aberkrombi and Fitch, said the key is to bring the right person into the role. I think you need to choose the type of person who understands the business and the technology and who is suitable for that role.
You can already be a data product manager.
Many data and analytics experts believe that they have been managing data production for years without being officially recognized. “Depending on the organization, the topic may or may not be,” said Steve Procopio, head of data center production and promotion at Central. “As a translator, it is important to engage with the business and deliver what you want by asking intelligent, structured questions about data usage and benefits. And maybe you can use product management language to do that. Procopius also suggests that having a standard monitor allows a person to participate in a list of interests rather than waiting for incomplete or difficult to interpret at their desk.
“Data product manager has to be an entrepreneur, but he doesn’t have to have a product management history,” says Lilian Pearson, a self-proclaimed data product manager at Data Mania. She believes that seeing everything you produce as a real product will force you to take a more disciplined approach. Accordingly, Pierreson recommends having multiple disciplinary skills, including a data product manager.
- Understanding analytics or data science and data strategy
- Knowledge of how systems and processes work
- Predict what technologies work best together
- Learn how to design features and functions
- Experience in conducting market or stakeholder research
- And, of course, the needs of the people.
Clear back up data product view by working backwards
Well-known golfer Greg Norman says he plays with every hole in his mind. “When I go upstairs, my mind goes green. I want to know the exact location of the flag before deciding which club to beat or how to play it – once I know this I will play the hole back in my mind.
Similarly, as a data product manager, it helps to start with the vision you want to produce. This is the only approach that companies like Amazon take.
Ian McAlister, former director of Amazon Day, will be back in action.[trying] Instead of starting an idea for a product and trying to close customers on it, work from the back of the customer. For each new initiative, the product manager writes an internal press release describing the finished product. “Internal press releases focus on the customer problem, how existing solutions (both internal and external) will succeed and how the new product will destroy existing solutions,” McAllister commented. If the benefits listed are not very pleasing to the customer, they may or may not be built. And if not, the product manager should continue to improve the press release until they come up with something better.
It may seem like a lot of work to the idea that you can never see the light of day. But as McAllister explains, “Repetition in a press release is much less expensive than repeating the product itself … and faster!”