This week, Chris has a great conversation with Bill Schmarzo, Chief Innovation Officer at Hitachi Vantara. Bill maintains a consultancy practice within Hitachi that helps customers build processes and identify data that can be used to create business value within an organisation. In this discussion, Bill outlines the process for identifying opportunities, capturing the data and building governance around translating data into income.
Aside from the insights in how businesses can generate new revenue streams from the data in their organisation, this podcast highlights the challenges of determining which data to keep and discard, while attributing value to data being protected. We assume all data needs to be protected equally, but perhaps there needs to be an alignment between data management and data value.
Bill has three books in print with a fourth (The Economics of Data Analytics and Digital Transformation) expected in November 2020. During the podcast, Bill references the Prioritisation Matrix. This blog post provides more information on the concept and process (explaining what we couldn’t visualise on an audio podcast).
You can catch up with Bill on LinkedIn and Twitter. Here’s a link to Bill’s second book, The Big Data MBA, referenced at the end of the podcast.
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Timeline
- 00:00:00 – Intros
- 00:02:16 – How is data monetised?
- 00:03:30 – What data is worth retaining or discarding?
- 00:05:00 – Data creators and owners can be very diverse
- 00:06:30 – Create the business need then locate the data
- 00:08:10 – Pick one idea and prove it out – Proof of Value
- 00:09:45 – How is governance managed in a Data Lake?
- 00:11:00 – How is data management cost aligned with data value?
- 00:14:00 – Feedback loop – review the prioritisation matrix
- 00:16:00 – Economies of learning are greater than economies of scale
- 00:18:50 – Data is a unique business asset
- 00:20:00 – How is valuable data protected?
- 00:24:00 – Data is the new oil? Almost but it’s infinite
- 00:26:00 – Why teach?
- 00:28:30 – How does AI empower people in the workplace?
- 00:30:40 – Wrap Up
Related Podcasts & Blogs
- #103 – Data Management and DataOps with Hitachi Vantara
- #81 – Storage or Data Asset Management?
- The $2 billion Gamble on Data Management
Bill’s Bio
Bill Schmarzo is regarded as one of the top Digital Transformation influencers on Big Data and Data Science. In addition to his role as Chief Innovation Officer at Hitachi Vantara, Bill is a University of San Francisco School of Management (SOM) Executive Fellow and an Honorary Professor at the School of Business and Economics at the National University of Ireland-Galway. His career spans over 30 years in data warehousing, BI and advanced analytics. Bill formerly served as CTO of Big Data at Dell EMC and VP of Analytics at Yahoo!
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