The development of any new products relies heavily on data. Data is involved in every stage of product development, starting with market research, data analytics, product development, and success analysis. Download our free Data Matching Canvas and discover new information for planning your data strategy.
Data is the new oil and the corner stone of every product
Data can give insights about market needs, help developers pinpoint errors in development, and tell business owners about the performance of their product or service. What is more, data can influence essential decisions, not only in product development but also in implementing new strategies and adopting new technologies
In this blog post, we highlight a new method to help product developers analyze and interpret data.
The challenge of getting the right insights from the right data
Large datasets contain many attributes and features that hold information. The challenge lies in extracting this information from the data. In most cases, teams have access to multiple data sets and are faced with challenges of extracting the right information from the right data sets. Moreover, the team should choose the correct analysis to extract this information. The process of selecting the right analysis tools and pinpointing the relevant data can often be a trial-and-error process that can be lengthy and time-consuming.
Using the Data Matching Canvas for structured information extraction
To facilitate the task of extracting information, teams and product developers can use the Data Matching Canvas, a new innovation by biologic, for a structured overview and decision-making. The canvas is divided into three parts:
- Data: A list of all the currently available and accessible data. Optionally, the team can list data that are needed but not yet available or yet to be purchased
- Processing: A list of all tools and analyses that need to be performed to prepare, clean, process the data, and extract the required information.
- Information: A list of all the information that the team wishes to have or extract. This is the information and the insights that will inform decision-making and guide the development of products.
How we use the Data Matching Canvas to streamline information extraction
As a leading data science consultancy for data strategy, we developed the Data Matching Canvas (DMC) to facilitate the task of finding the correct data and the correct tools to extract relevant information. Currently, the DMC is is unique as a method.
The best strategy is to start by listing the information needed. The team and product developers can list the information needed or required by stakeholders to make decisions or to guide the development of the product. This would help the team understand the goals and purposes of the data analysis.
As a next step, the team can list the data sets from which data can be extracted. This will help the team identify the features and attributed needed to extract the information and pinpoint the datasets which contain these features and attributes. This way, the team can decide whether the available data would be sufficient or if new data should be collected or purchased.
Finally, the team can list all the necessary steps and tools needed to transform data into information. These steps include data preparation, cleaning, pre-processing, advanced analysis, and visualization.
Going beyond the DMC into a well-established data strategy
The Data Matching Canvas is one building block of a holistic and consistent data strategy. To guarantee successful product development and facilitate data collection, analysis, and performance monitoring, a coherent data strategy that is tailored to the needs and goals of the team or the company is necessary.
We can help you set up a clear and meaningful data strategy and create a roadmap for the development of your product or service. Our data strategy includes:
- Defining the end customer, their tasks and the challenges hindering them from accomplishing their tasks.
- Checking the readiness of data for product development and implementation
- Establishing an HR strategy to organize teams and hire new talents if needed
- Creating a product that would facilitate the tasks of your end customers and alleviate the problems they face.
- Establishing a business model that details the requirements and resources available, the cost structure, and the possible revenue streams of your products
- Establishing an operating model that would help your team and company scale and adapt to external changes
That way, your product will be ready to launch successfully in the correct market, guaranteeing the satisfaction of both your stakeholders and your end customers.
Download the free Data Matching Canvas!
Do you have any upcoming projects that require data analytics? Get in touch! We answer your questions and support you in setting up your very own data strategy.
Thank you for reading!