How to Quantify the Value of a Data Product
Quantifying the value of a data product is a notoriously arduous process that is not well documented or written about online. However, it is a necessity for prioritizing investments, aligning with strategic goals, and managing resource allocation effectively. This quantification should happen not only before its creation, but monitoring should continue throughout it and even post-deployment.
In this article (and subsequent ones), I hope to provide a flexible assessment framework that involves estimating potential impacts, costs, and alignment with organization objectives. You will need to bring a strong understanding of your organization (or business), industry-aligned research, and conduct analyses to bring this to realization in your organization.
It is expected for the framework for assessing the value of your data products to change throughout the product’s lifecycle. This can be due to the complexity of the data product you are creating, changing business need/impact/policy, new disruptive findings/technology/data, and more.
I would love to iterate on the framework communally, so I encourage any discussion in the comments section. Let’s create something we can all derive value from and propel into success.
Data Product Valuation Framework
- Market and Internal Needs…
