Data Product Strategy and its Key Components

What is a Data Product Strategy?

A Data Product Strategy is a framework that aids organizations in structuring their data ownership, processes, and technology. It ensures the availability of clean, updated, and curated data. This strategy revolves around the concept of a data product, which is a reusable data asset that includes everything needed for authorized consumers to use it independently.

 
• Data Ownership: In a data product strategy, data ownership refers to the responsibility for data quality, privacy, and security. It is crucial for maintaining the integrity and reliability of the data product.
 
• Data Processes: These are the methods and procedures employed to collect, process, and distribute data. They play a significant role in ensuring the data product's usability and relevance.
 
• Data Technology: This involves the tools and systems used to manage and analyze data. The right technology can enhance the efficiency and effectiveness of a data product strategy.

What is Data as a Product (DaaP)?

Data as a Product (DaaP) is a popular data strategy that treats data sets as standalone products. These products are designed, built, and maintained with end users in mind. DaaP applies product management principles to the lifecycle of data, focusing on usability, quality, and user satisfaction.

 
• Usability: In DaaP, usability refers to the ease with which end users can access and use the data product. It is a key factor in determining the product's success.
 
• Quality: This pertains to the accuracy, completeness, and reliability of the data product. High-quality data can lead to more accurate insights and better decision-making.
 
• User Satisfaction: DaaP aims to meet or exceed user expectations, leading to higher user satisfaction. This can result in increased usage and loyalty towards the data product.

What are the Components of a Data Strategy?

A data strategy consists of several components, including identifying data, provisioning data, storing data, integrating data, and governing data. Each component plays a crucial role in ensuring the successful implementation and execution of the strategy.

 
• Identifying Data: This involves recognizing and categorizing data based on its source, type, and relevance.
 
• Provisioning Data: This refers to the process of making data available for use, typically through a controlled process.
 
• Storing Data: This involves the safe and secure storage of data to ensure its availability and integrity.
 
• Integrating Data: This refers to the process of combining data from different sources to provide a unified view.
 
• Governing Data: This involves the establishment of rules, policies, and procedures to manage and protect data.