Chapter 5

Understanding the Past, Present, and Future of Data

IN THIS CHAPTER

Bullet Explaining the basic elements in data

Bullet Identifying data value

Bullet Describing the trends around data

Bullet Understanding potential future options

Business decisions force you to focus, allocate scarce resources, and think hard about exactly how to be unique compared to the competition. It is important to remember that you can’t be everything to everyone. Strategically, you should think simplicity over complexity, since a clear and simple strategy is a lot easier to explain and to put into action. But what about making strategic choices for your data? Sure, data can help you understand your strategic options as well as the potential impact of various choices from a business perspective, but how do you utilize data to understand more about data itself?

Well, to make choices, you need to create choices. Real choices for your data cannot be made if you do not know what your options are and what options you are decisively rejecting. When deciding on a viable strategy, too often alternative strategic options are only considered ...

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