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The Economics of Data, Analytics, and Digital Transformation

You're reading from   The Economics of Data, Analytics, and Digital Transformation The theorems, laws, and empowerments to guide your organization's digital transformation

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Product type Paperback
Published in Nov 2020
Publisher Packt
ISBN-13 9781800561410
Length 260 pages
Edition 1st Edition
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Author (1):
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Bill Schmarzo Bill Schmarzo
Author Profile Icon Bill Schmarzo
Bill Schmarzo
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Table of Contents (14) Chapters Close

Preface 1. The CEO Mandate: Become Value‑driven, Not Data-driven 2. Value Engineering: The Secret Sauce for Data Science Success FREE CHAPTER 3. A Review of Basic Economic Concepts 4. University of San Francisco Economic Value of Data Research Paper 5. The Economic Value of Data Theorems 6. The Economics of Artificial Intelligence 7. The Schmarzo Economic Digital Asset Valuation Theorem 8. The 8 Laws of Digital Transformation 9. Creating a Culture of Innovation Through Empowerment 10. Other Books You May Enjoy
11. Index
Appendix A: My Most Popular Economics of Data, Analytics, and Digital Transformation Infographics
1. Appendix B: The Economics of Data, Analytics, and Digital Transformation Cheat Sheet

The Economic Multiplier Effect

The Economic Multiplier Effect refers to the increase in value arising from any new injection of usage. The size of the multiplier effect depends upon Marginal Propensity to Consume (MPC).

The Economic Multiplier Effect is one of the most important economic concepts developed by J.M. Keynes to explain the impact of an incremental increase in input (investment) on the resulting incremental increase in output (value). From a data and analytics perspective, the Economic Multiplier Effect manifests itself in the realization that data and analytic assets can multiple their value as they are reapplied beyond their initial use case to other use cases.

For example, when retailers installed Point of Sale (POS) systems in the early 1980s, their primary motivation was a desire to reduce labor costs while ensuring consistent pricing at the cash register. Few imagined the add-on benefits from being able to reapply the same POS dataset across numerous sales...

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