Data products provide data-driven enterprises with new and innovative ways to apply their data investments to create new revenue opportunities. By analyzing large volumes of customer, operational, and other relevant data, these data products help in extracting insights to help consumers make more informed decisions, and stakeholders address unique use-cases.
Walmart, Amazon, and a host of other global brands turned data into their primary competitive weapon. They saw the critical benefits of amassing user and consumer information to feed into their homegrown data products, but it was another well-known company which is credited with taking the first step towards big data. As early as 1995, consumer retail brand Tesco introduced a customer loyalty program called the Tesco Clubcard.
Every time somebody made a purchase in a Tesco grocery store or through their website, they could present this card and earn redeemable points. In exchange, Tesco collected basic information which helped them understand how far consumer’s were ready to travel, as well as seasonal preferences. Through systematic nudge campaigns, Clubcard members ended up spending 4% more than non-Clubcard individuals. Tesco earned $61 billion in revenue in 2022, as the 4% increase in spending likely resulted in hundreds of millions in additional revenue.
Hence, it’s easy to understand that in today's fast-paced and competitive business environment, data products have become more important than ever.
Data products allow businesses to gain insights into their customers and operations, which would have otherwise been impossible to obtain.
Here are the different ways businesses and enterprises use data products today:
Data products are essential for any organization that wants to make informed business-critical decisions. They provide a way to easily access and analyze data, which streamlines decision making, increases process efficiency, and ultimately, helps them gain a competitive advantage. Whether it's a simple dashboard or a more complex machine learning model, data products can help organizations of all sizes and industries to stay ahead of the curve. Investing in data products is a necessary step for any organization looking to stay competitive and make the most of their data.
Acceldata’s multi-layered data observability solution enables enterprises to gain comprehensive insights into their data stack to improve data and pipeline reliability. This helps business teams to build and operate great products by monitoring compute performance, spend efficiency, and delivering reliable data efficiently.
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