EvD Theorem #3: Predictions Drive Value Through Use Cases
Predictions drive monetization opportunities through improved (optimized) business and operational use cases.
To fully exploit the economic value of data, the research found that a use case by use case approach enables organizations to attribute the economic value of their data based upon the reuse of that data across multiple use cases. That is, the use cases provide the linkage between the business stakeholders—who understand the financial and business value of the use cases—and the data science team—whose expertise is in identifying and codifying the variables and metrics that are better predictors of performance (see Figure 5.3).
Figure 5.3: Use Cases Provide the Technology-to-Business Linkage
As an example, in Figure 5.4, the same dataset (Customer Point of Sales) can be used by Sales to increase promotional effectiveness by 2.5%, and then that same data set at a marginal cost of...
