Article Summary
This article from McKinsey and Company’s QuantumBlack advocates that companies should create a data product team, which should be responsible for the end-to-end management of the data product. The article also suggests that companies should create a data product roadmap, including the data product’s objectives, timeline, and metrics. Additionally, companies should ensure that the data product is secure and compliant with data privacy regulations (Desai et al., 2022). Finally, the article recommends that companies measure their data product’s success by tracking its usage and customer feedback.
Application of Article Ideas to a Chemical Sales Company
The article provides an excellent overview of how data can be managed like a product. This is an essential concept for any company, especially for a chemical sales company. In this industry, data is essential for understanding customer needs, developing new products, and staying ahead of the competition (Desai et al., 2022).
Understanding the Importance of Data
The first step in applying the ideas from the article to a chemical sales company is to understand the value of data. The value of data may be unlocked by treating it like a product. This allows for the creation of new products, the discovery of unmet consumer demands, and the discovery of strategic advantages over the competition (Desai et al., 2022). A chemical distribution firm may use better leverage data if its employees appreciate its worth.
Creating a Data Management Plan
The next step is to develop a data management strategy. This should include a plan for collecting, storing, and analyzing data. It should also include a plan for using the data to make decisions. Data analysis might be used to learn about the market, create better goods, and even predict future industry trends (Desai et al., 2022). Once a data management strategy is in place, the company should focus on creating a data-driven culture. This means that data should be used to inform decisions and drive innovation.
Implementing a Data-Driven Culture
Finally, the company should prioritize fostering a data-driven culture, ensuring that data serves as the foundation for decision-making and innovation. Employees should be encouraged to use data to make decisions and develop new ideas. The company should also invest in data-driven tools and technologies to help them make better decisions. By following the ideas outlined in the article, a chemical sales company can unlock the total value of data and use it to make better decisions.
Reference
Desai, V., Fountaine, T., & Rowshankish, K. (2022). How to unlock the full value of data? Manage it like a product. McKinsey & Company. Web.