Details
Although not a new concept, data products have been the subject of much attention and debate in recent times. Discussion, proposals, and opinions on what a data product is, what the benefits of data products might be and who can benefit are typical topics in this discourse. Clear answers to such questions have not been obviously evident. Perhaps what can be agreed is that good quality data assets are key to the success of every organization, and that treating a data asset like a product will increase its quality, its value and its utility both for producers and consumers of data. Within the EDM Council Data Products SIG we have been exploring this approach to develop a sound basis for designing and managing data products.
The EDM Council Data Products SIG has been running since early 2023. Beyond defining what we consider to be key criteria for data products, our objectives have been aimed at establishing and embedding data products within organizations to fully realise their worth. To achieve this we have borrowed from product thinking, proposed a life cycle and developed a conceptual metadata structure for data products. We have also used the Council’s method of providing advice, questions and prompts for data and data products practioners as well as providing key candidate artifacts that provide the basis for designing and managing data products.
This is an interim report from this SIG, which is expected to continue to develop and refine its understanding of data products. We also realise that data products will thrive within a wider context that includes data marketplaces and other product infrastructure. These two themes are part of the upcoming work for the SIG in 2024.
Speakers
Post-event summary
The webinar titled “Designing and Managing Data Products,” hosted by the EDM Council, featured a dynamic and insightful discussion among industry experts:
- Steve Fisher, Principal Consultant, Ortecha
- Stephen Gatchell, Director of Data Advisory, BigID
- Leigh Pence, Data Governance Senior Tech Lead, Freddie Mac
- Jim Halcomb, Head of Product Management, EDM Council
The session began with an overview of the importance of data products, defining them as rational and governed collections of data and associated artifacts managed together to meet specific criteria. The speakers emphasized the need for a well-defined purpose, consistent management, and a life cycle approach for data products to ensure their effectiveness and usability. Stephen Gatchell highlighted, “One of the requirements is, though, when you create that original data product, do you have a specific use case. Do you understand the value of it?”
The webinar also covered the distinction between data products and data assets, noting that while all data products are data assets, not all data assets qualify as data products due to the more extensive requirements for management and governance. The concept of data as a product was discussed, emphasizing the organizational shift needed to prioritize data’s value.
Key objectives for utilizing data products include enabling data-driven decisions, ensuring regulatory compliance, and understanding the value of data. The importance of metadata in describing and managing data products was underscored, with a focus on categories like data resources, deployment, and bi-directional data flow.
The session concluded with a call for more industry collaboration to refine these concepts further. Participants were encouraged to join the EDM Council’s ongoing discussions to contribute to the evolving standards and practices around data products.
Overall, the webinar provided a comprehensive look at the current state and future direction of data product management, stressing the importance of clear definitions, strategic alignment, and robust lifecycle management.