Data product concept
How is a product defined?
- generates a certain customer benefit/satisfies a customer need,
- is relevant for more than one user,
- is produced with predictable quality/goes through a production process,
- is managed within a product life cycle and
- serves a market.
Data product concept
How is a DATA product defined?
(Data products have three constitutive properties.)
The combination of
1. data assets and
2. data-related capabilities
that together form or contribute to
3. value-added product offerings.
Data product definition: asset+capability+added value
What are the 3 types of data products?
Data as a service
Data enhanced products
Data as Insights
How do the 3 types of data products differ from each other?
They differ by the
degree of contribution to a business model.
Describe Data as a Service
› Data & analytics generates sales
› Own business model
Examples
› Swiss Post Address
Management
Describe Data enhanced Products
› Increases the value of
another product
› Extends business model
Examples
› Tesla Autopilot
› Bosch Predictive
Maintenance
Describe Data as Insights
› Decision support related
to product innovation &
management
› Supports business model
Examples
› Manufacturing-Analytics
› Service-Analytics
What does CRISP-DM stand for?
Cross-industry standard process for data mining
What are the phases of CRISP-DM?
- Business understanding
- Data understanding
- Data preparation
- Modeling
- Evaluation
- Deployment
Crisp-DM:
What happens in the Business understanding phase?
- Determine Business Objectives-
- Assess Situation
- Determine Data Mining Goals
- Produce Project Plan
Crisp-DM:
What happens in the Data understanding phase?
- Collect Initial Data
- Describe Data
- Explore Data
- Verify Data Quality
Crisp-DM:
What happens in the Data Preparation phase?
- Select Data
- Clean Data
- Construct Data
- Integrate Data
- Format data
Crisp-DM:
What happens in the Modeling phase?
- Select Modeling Technique
- Generate Test Design
- Build Model
- Assess Model
Crisp-DM:
What happens in the Evaluation phase?
- Evaluate results ( assessment of data mining results)
- Review process
- Determine next steps
Crisp-DM:
What happens in the Deployment phase?
- Plan Deployment
- Plan Monitoring & Maintenance
- Produce Final report
- review project
What is CRISP- DM?
a Data product design process
