The Data- and Value-Driven Mindsets, Defined
I often hear Senior Executives state that they want to become data-driven as if somehow having data is valuable in itself. The value of data isn't in just having it (data-driven). The value of data is determined by how you use it to create new sources of value (value-driven). To exploit the economic potential of data, Senior Executives must transition from a data-driven mindset (focused on amassing data) to a value-driven mindset (focused on exploiting the data to derive and drive new sources of customer, product and operational value).
Data may be the new oil or the most valuable resource in the world, but it is the customer, product and operational analytic insights (propensities) buried in the data that will determine the winners and losers in the 21st century.
DEAN OF BIG DATA TIP:
Whenever I use the term "insights" in the book, I will also add the term "propensities" to reflect the predictive...
