Key facts
Data products—high-quality, ready-to-use data formatted so that people and systems across an organization can easily access and apply it—can deliver new business use cases as much as 90 percent faster and reduce the total cost of ownership by 30 percent.⁸
Data products can deliver new business use cases as much as
90%
faster and reduce the total cost of ownership by 30 percent.
Implications
Value will accrue to businesses that have proprietary data that they can use to improve the capabilities of their foundation models in ways their competitors can’t. “Data mesh” and “data as a product” are the most practical ways to reduce centralization and scale the use of high-quality data across an organization. Ensure that data products have dedicated teams and product owners to secure the data, evolve data engineering, keep a clear focus on end-user needs, and implement self-service access and analytics tools.
⁸
Veeral Desai, Tim Fountaine, and Kayvaun Rowshankish, “How to unlock the full value of data? Manage it like a product,” McKinsey, June 14, 2022.