The Data Product Lifecycle: What You Need to Know
Each and every application that we use on a daily basis generates a lot of data. This data, if utilized in a proper manner, can help a lot of businesses. Any application or tool that actually uses data to achieve a specific business goal is called a data product. Your business goal may be automated decision-making based on recommendation algorithms or gaining useful information about a specific subject and business decision support — a data product is a tool you use to achieve it.
In this article, we will focus on the phases of the data product lifecycle which follow the traditional product life cycle phases. For the sake of summarizing what you really need to know, we can broadly classify the steps into three main steps: (1) Development, (2) Growth, and (3) Decline. Let’s analyze each phase in detail in the following sections.
1. Development
The development phase starts with a clear understanding of the business goal to reach using the product (which, of course, can change during the lifecycle, as we must follow AGILE SW development metodologies). In any case, we want the business goal to be as targeted and precise as possible from…
