Welcome to the Introduction to Business Analytics and Information Economics Capstone! I’m thrilled to have you enrolled in the course. This Capstone will enable you to put into practice some of the concepts you have studied previously about applying economic concepts to information, conceiving analytics hypotheses, valuing information assets, and developing ideas for monetizing information in various ways. I look forward to your contributions and ideas.
Introduction to Business Analytics and Information Economics Capstone Introduction
Throughout the Executive Introduction to Analytics and Infonomics sequence, you have learned about how leading organizations are treating their data as an actual asset to generate new and innovative value streams. This includes understanding its properties, measuring its value, and conceiving and implementing ways to analyze it for improved decision-making or operational effectiveness.
Milestone 1 Selecting an Organization and Learning About Its Data
This module starts with selecting an organization that you are familiar with, or where you have access to someone who is, then understanding and documenting its challenges or opportunities and key data assets. Your objective in this milestone is to identify a company and product that you would like to work with for this project.
Milestone 2 Generating Data Monetization Ideas
This module is strictly about creativity and innovation. You will think deeply about the intersection of business, data, and analytics in identifying opportunities for your organization to better leverage (“monetize”) its data assets. Perhaps you have already been thinking about this during Module 1, and maybe even discussed it with your contact. If so, well done! If not, now’s the time to do so.
Milestone 3 Assessing Idea Feasibility
Now that you have generated a bunch of ideas on how to use data and analytics to improve the way your organization operates, strategizes, competes, expands, reduces expenses, and/or manages risk, it’s time to assess these ideas. You may have already been thinking about this a bit as you were developing them. Prioritizing ideas isn’t so straightforward. It involves feasibility-checking them against a number of dimensions or tests: from whether they are economically and ethically viable, to whether they are operationally and technically viable.
Milestone 4 Articulating the Business Case
Now that you have prioritized ideas, it’s time to craft and document the business case for investing time, resources, and money to pursue those you have assessed are the most feasible.