Data is now available at an unprecedented scale, driven largely by the billions of interconnections of people, businesses, and things. Data is the driver of growth and change, and it must be trustworthy. By harnessing the right data, companies are garnering new insights into operations, risk, markets and conditions, customer sentiment, talent management, and more. They are using these insights to bring new, innovative, data-driven products and services to market for longer-lasting competitive advantage.
Outsell has analyzed the power of data for two decades, and the marketplace is now keenly aware that “there’s gold in them thar hills.” In 2006, we laid out the new world paradigm of growing internet-driven access to data and the innovations it could spur (see Report, Real Data, Real Time, Real People: “Wisdom Of One” Fuels Knowledge Funnel). Later, we called out a growing trend centered on the integration of data, information, and technology infused into workflow in reports such as Workflow: Information’s New Field of Dreams? Version 2.0 and Data Business Fundamentals, recommending that companies capitalize on the opportunity to focus on value creation by moving up the Outsell Information Value Chain. This trend is now accelerating as companies adopt advances in technologies like AI, machine learning (ML), and blockchain.
As far back as 1999, we launched a series of reports on the importance of product management (PM) in this changing environment and provided our framework for linking business strategy to product execution in a series of reports:
- Marketing 101: Targeting Information Services
- Toolkit: Marketing 201 – Targeting Information Services
- Marketing 301: Brand Management & Product Marketing Imperative
- Marketing 401: Agile Publishing & Marketing
- Executing on the Agile Product Development & Agile Marketing Imperative
Today, as companies more deeply transform into data, information, and analytics businesses, they operate in a noisy landscape where competitors are becoming customers and customers are becoming competitors. It’s now essential both to know where to place a business in the ecosystem and to improve and enhance the mechanism by which offerings are taken to market. In an agile world driven by new technologies and competitive froth, missteps are costly and time to money is everything.
This report updates the reports cited above and offers a modern-day baseline for what we call “the business of data, information, and analytics,” where data is now embedded in most state-of-the-art offerings. We provide leaders with the Outsell Growth Framework, and within it, Outsell’s data and Information Product Development Lifecycle (dIPDL) methodology that empowers executive teams with a tried and true approach to operating in a data-driven world (Figure 1).