Data Science Team: Value Creation and Stakeholders. Overview.
Aim
- In this article I reflect about the value creation of a Data Science team for main stakeholders.
- Why to read this? Perhaps you get ideas of how to improve your value creation.
What is value?
A Data Science team may create values in different ways and all of them should be considered in order to create a good structure. A compelling value proposition for the business but also a growth opportunity for Data Practitioners (to include Data Analyst and Data Engineers). That means people want to work in a team.
Unsurprisingly the same ideas apply to many other teams, but just adapted to this particular scenario. This is not alone to produce value from data but to do it in an efficient way and is managed as any other part of the business, because it is itself a business.
Some teams and Data Scientists fail to understand their salary, in the medium and long term, can only be inline with the value they provide to the business and like to rely on the idea that a large disruption could provide justification for their adventure. Personally I like to diversify and make sure the creation of value does not only come from innovation but in a more holistic and comprehensive and holistic view.
Value for whom?
Perhaps a first approach could be via stakeholders. Who are the principal benefactors of the value created by a Data Science team?. I will say Customers, Business and Employee (Data Scientist or other data practitioner).
What could be value?
We could consider three: Core Product or Services which the one most people would have in mind. Development which is the learning a growth that happens when interacting but not necessarily translated today in a products or insight, more like people learning from the experience. And Efficiency which goes in line to do something at a cost. The lower the cost the higher the value.
Concluding
I think with the above I have shown some of the key points of value creation for a Data Science team from the perspective of 1) customers, 2) business and 3) Data Scientist / employees. Furthermore they key dimension or values creation are Core Product or Services, Development and Efficiency.
Next
Feel free to reach me to share any ideas or feedback.
The above only represent my personal views. Never the views of any of my employees.