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Chapter 13 Data Science and Business Strategy (Sustaining competitive…
Chapter 13 Data Science and Business Strategy
Achieving competitive advantage
The value of asset depends on the company's strategic decisions
Think carefully how data and data science can provide value in the context of our business stratgey
Not possess the asset
Not be able to obtain the same value from assets
Sustaining competitive advantage
Formidable historical advantage
data products can increase the costs to competitors of replicating the data assets
Unique intellectual property
novel techniques for mining the data or for using the results
Unique intangible collateral assets
intangible assets such as company culture
Superior data scientists
Superior data science management
Attracting and nurturing data scientists and their teams
encourage data scientists to become part of local data technical communities and global data science academic communities
engaging academic data scientists
take no one or more top-notch data scientists as scientific advisors
hire a third party to conduct data scidnce
Examine data science case studies
Formulate your own case studies
read case studies that actually walk through data mining process
Be ready to accept creative ideas from any source
Be ready to evaluate proposals for data science projects
Flaws in the big red proposal
Examine data mining proposal
A firm's data science maturity
How systematic and well founded are the processes used to guide the firm's data science projects