At this stage of maturity, you are using data to provide feedback to product and services teams. You are building new data-driven business models by changing the consumption of your products to as-a-service offerings. Data is also providing a feedback loop to your earlier work and may suggest ways to develop new products, features and/or services.
Looking forward, focus on the three core areas where data needs to add value within your product and service ecosystem: your users, your business and your partners. How can you leverage data to improve the user experience with your products and services? How can you ingest and analyze data in ways that provide actionable insights across different teams throughout your enterprise? How can data reinforce existing partnerships or create new opportunities for business-to-business (B2B) collaboration?
Often, increasing the value of your data across these areas requires expanding your analytics capabilities through further platform development, investments in machine learning (ML) and artificial intelligence (AI), recruiting data science talent and/or working closely with a partner organization specializing in these competencies. Here are just a few ways that machine learning and advanced analytics can provide value as your business continues to evolve:
- Predictive maintenance
- Improving reliability
- Automated replenishment
- Providing insights at the point of use
Key Ways OST Can Help:
- Data-Driven Product Management Services
- Proof of Concept Development and Testing for Advanced Analytics
- Fully Operationalizing Analytics Models