19 - Data products Flashcards
What is the most powerful determinant of future success for a business?
Being able to innovate
Innovation is enhanced by embedding data in each stage of the process.
What does a culture of continuous improvement sustain?
The momentum of data transformation
Continuous improvement is essential for successful data initiatives.
What is a data product?
A process, service or capability innovation that is defined and enabled by data
Data products can be delivered internally or externally.
What is waterfall development?
A development strategy where the project is broken down into phases, each completed in sequence
Rarely applied to data projects.
What are the characteristics of agile development?
Collaborative effort, adaptive planning, and evolutionary development
Commonly used for software development.
What is a Centre of Excellence (CoE)?
A team that centralizes know-how about improving and deploying products or services
CoEs help improve and deliver complex products across organizational boundaries.
What was the key term introduced to describe the economic benefits from reduced travel time costs?
Value of Travel Time Savings (VTTS)
VTTS measures the impact of a policy for policymakers.
What is the primary goal of Transport for London (TfL) regarding customer satisfaction?
To engineer a better trip rather than just a shorter trip
This requires a focus on new types of data-enabled innovation.
What does continuous improvement in data products involve?
Regular review and upgrades in response to user feedback
Continuous improvement is essential for the success of data products.
What is the purpose of primary research in the design process of data products?
To sketch out a hypothesis for what needs to be delivered
It identifies the most important pain points for users.
What is the role of the CoE in the data transition?
To bridge the gap between what users have and what they could achieve
The CoE facilitates understanding of data quality and potential improvements.
Fill in the blank: A data-driven business is characterized by the ability to create and improve _______.
data products
This ability drives the data transformation process.
What does benchmarking improvement involve?
Measuring data quality or speed and assessing user satisfaction
It ensures the product meets the needs of its users.
True or False: Products have a defined beginning and end.
False
Products are managed and continuously improved after creation.
What can spark engagement and new ideas during the development of data products?
Being confronted with a data product
Users may only know what to ask for when they see the product emerging.
What is one of the challenges when rolling out data products?
They may underwhelm or not match needs sufficiently
This feedback is essential for improving the product.
How can a CoE spread insight across the organization?
By actively helping other parts of the business to work with data products
They capture important organizational knowledge and learning.
What is the importance of two-way communication in data products?
Helps users understand data quality and alignment with business processes
This communication is essential for effective data use.
