But this approach has some significant drawbacks: It’s how most data teams currently operate. And each time a new business problem or use case arises, it follows a similar process to acquire, prepare and analyze data for its specific need. Each time a business function has a problem that it wants to solve with data, the organization starts a project to acquire the data, cleanse and prepare it, then analyze it for that specific use case. Today, most companies approach enterprise data with a project mindset.

Let’s take a closer look at what data products are, and how they differ from traditional approaches to using data. Just like consumer products, data products are designed for specific purposes. 1 They contain data packaged with everything someone needs to understand that data and use it to solve a new use case-even if that person works in a different team or outside the business altogether. Simply put, they’re products that facilitate end-goals through the use of data. Now, there’s a new opportunity to turn all that data into a competitive differentiator. And it’s generated everywhere from humans, machines and Internet of Things (IoT) devices to edge systems and beyond. It’s essential for organizations to survive and thrive in today’s fast-paced business environment. Data products productize data to accelerate value, improve decision-making, and even create entirely new revenue streamsĭata is a powerful new form of capital.

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