Data product platform helps users to streamline the process of creating and distributing data products in the market. Many technical experts work with different companies, paving their path to success by making excellent plans by leveraging different data products and tools. There are many things a beginner needs to know before they start to assess the data product platform. Let’s dive deeper into the matter!
What kind of product is a data product platform?
Data product platforms are software that help you manage your data. They do this by providing a single point of access to your data and making it easy for you to perform functions like:
- Data governance, which includes things like version control and risk management;
- Data storage, which includes things like security and backup;
- Analytics, which includes analytics tools such as predictive modelling.
What are the benefits of a data product platform?
- Automation: A data product platform enables you to automate the processes of collecting, cleaning, analyzing, and packaging datasets. With this level of automation, you can focus on developing your business rather than spending time on manual labor.
- Access to data: As a result of the automation offered by a DPP, you are able to access more data which will help with building better solutions for your customers.
- Easier to scale: This is because any new dataset added in one place will automatically be available across all other systems using that same dataset; therefore, there is no need for manual replication or duplication of efforts between teams working on different aspects of a business such as sales or marketing.
What capabilities should a data product platform have?
Data product platforms should have the following capabilities:
- Ability to ingest and process data. This includes streaming, batch, and event-driven systems.
- Ability to store and manage data. This includes centralized storage for multi-tenant applications, as well as location-specific storage for customers who have access only to a specific site or location (for example, customer names and addresses).
- Ability to deploy and manage applications across cloud providers such as AWS, Microsoft Azure, or Google Cloud Platform. You can also use your own infrastructure if that’s your preference.
- The ability to deliver data analytics directly into customer apps through an API (application programming interface) so that customers don’t have to implement their own analytics code, which saves them both time and money in building those functions from scratch themselves—but only when necessary because there are some cases where it makes sense for customers not just because they want more control over how their analytics work but also because they don’t trust anyone else with this sensitive information about their business performance due in part too much risk involved when dealing with third parties who may be compromised by hackers etcetera.
How do I find the right data product platform?
Before we dive into the world of data product platforms, there are a few things you’ll want to keep in mind.
- What do I need it for? Before you can even begin to think about finding the right data product platform, you should have a clear idea of what your goals are and how they’re going to help you achieve them. Are you looking for something that will help build new products? Or would it be more effective if it were used as an internal tool for organizing and analyzing information? The answers will point out some key areas where different kinds of tools excel.
- How much control do I want over my data? This question is tied closely with the one above, but it’s important enough that we’re breaking them up, so they don’t get mixed up together! When evaluating potential options, think about how much autonomy you want over all aspects of your business strategy: from how much money gets spent on development projects down through the code itself (if this isn’t something provided by default). This will inform what kind of service provider may work best; if someone else has access to all aspects, then there might be security concerns depending on their background history.
A data product platform can help you build your business.
Data is the new oil. It’s the commodity of our digital economy, and we are all becoming data product companies. Data products give you insight into what your customers need, where they are in their journey, how they interact with you, and how they can be better served.
Data platforms help you find these insights by bringing together all of your data from different sources into one place so that it can be analyzed, visualized, and turned into actionable insights for your business. With these insights at hand, you can make better decisions about which products to build next or whether changes need to be made to an existing product offering. You also have a clearer picture of what problems customers have so that when it comes time for them to buy something from you (or another company), they will know exactly what solution works best for them—and therefore purchase from YOU instead of some other company!
The world is changing quickly, and we have an opportunity to control it through data. With so many companies offering data products, it can be hard for a beginner to figure out what’s what. Additionally, an unfamiliar user may have difficulty making sense of these products, especially with all of the jargon floating around. For any potential users who are confused about what these platforms and products are, hopefully, this guide will give you some insight and help demystify the world of data products.
Read more: Top Ways Big Data Customer Analytics Can Impact Business Results