Data Products: Travis' Fast Recipe for Success
Is your organization drowning in a sea of data, unsure of where to start? Do you feel like you’re stuck in “analysis paralysis”, unable to make headway? Fear not, because this recipe will provide a straightforward framework for choosing the most valuable data products, ensuring maximum value at every stage of your journey.
The Challenge: Defining Data Products
Organizations often face a surplus of data product possibilities, leading to “analysis paralysis”. The key challenge is to deliver the highest value to your organization with the least time and money, while keeping stakeholders happy.
The Solution: Progress Over Perfection
The solution lies in shifting your mindset from viewing data as a cost center to recognizing it as a value driver. By applying a few heuristics, you can quickly narrow down the most promising data products. Remember, it’s about making progress, not chasing perfection.
The Process: A Step-by-Step Guide
Align to Strategic Objectives:
Start by aligning your data products with your organization’s strategic goals. This can significantly reduce your search space and save you time and energy.
Collect Wisdom:
Use crowdsourcing techniques like the “$100 Technique” to get an initial estimate of relative value. This approach leverages the wisdom of the crowd to prioritize options.
Identify Domain Drivers:
Focus on your core systems, which handle the majority of integrations. Tools like the Hoffman Diagram can help visualize these core systems and their connections, making it easier to understand data flow.
Inventory the Data Mess:
Create an inventory that breaks down every connection in your architecture. This will help you understand how often data products are reused, which is a key indicator of their value.
Estimate Reach and Impact:
Once you have a detailed analysis, prioritize system value based on how often data types are reused. Track destination domains and systems to better understand the impact of data products.
Focus on Best Return:
Compare the expected value against the cost to implement for your top data products. By applying heuristics effectively, you can avoid an exhaustive analysis of every data product.
Moving Forward
By following this recipe, you can move beyond analysis paralysis and start delivering valuable data products. This strategic framework will help you navigate the complexities of data, ensuring you get the most value out of your investment.
Want the full course meal? Dive deeper into each step and uncover more advanced techniques by reading the full e-book written by my astute Confluent colleague Travis Hoffman
