Data vs. Data Product: Unraveling the Intricacies of the Data-Driven World

Today, I want to delve into the often-misunderstood concepts of ‘data’ and ‘data products.’ With an ever-growing amount of data being generated every day, understanding these terms and their implications is crucial for businesses, decision-makers, and anyone interested in making sense of the data-driven world. So, let’s begin! 🚀

Let’s start with defining a Data Product. In our daily life, we engage with many products, e.g., a shoe, a phone, or a car.

Data Products, much like other products in our day-to-day life, present a ready-to-use entity.

Is a spreadsheet then a Data product? Not really. Just as leather or fabric are to shoes, a spreadsheet or a Data API or a database table, for that matter, are the raw materials, not the product itself.

🔎 Data: The Building Blocks of Information

Data, in its simplest form, refers to raw, unprocessed information. It’s the foundation of all knowledge and can come in various formats such as numerical, textual, images, audio, and video. Data is often collected through various means, such as user interactions, sensors, or surveys, and then stored in databases or data lakes for further analysis.