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Data Thinking
Data thinking is a product design framework with a particular emphasis on data science. It integrates elements of computational thinking, statistical thinking, and domain thinking. In the context of product development, data thinking is a framework to explore, design, develop and validate data-driven solutions. Data thinking combines data science with design thinking and therefore, the focus of this approach includes user experience as well as data analytics and data collection. The term was created by Mario Faria and Rogerio Panigassi in 2013 when in a book about data science, data analysis, data analytics, data management, and how data practitioners were able to achieve their goals. Major Components of Data Thinking According to Mike et al.: * Data thinking is the understanding that a solution to a real-life problem should not be based only on data and Algorithm, algorithms, but also on the domain knowledge-driven rules that govern them. * Data thinking asks whether the data ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Product Design
Product design as a verb is to create a new product to be sold by a business to its customers. A very broad coefficient and effective generation and development of ideas through a process that leads to new products. Thus, it is a major aspect of new product development. Product design process: the set of strategic and tactical activities, from idea generation to commercialization, used to create a product design. In a systematic approach, product designers conceptualize and evaluate ideas, turning them into tangible inventions and products. The product designer's role is to combine art, science, and technology to create new products that people can use. Their evolving role has been facilitated by digital tools that now allow designers to do things that include communicate, visualize, analyze, 3D modeling and actually produce tangible ideas in a way that would have taken greater human resources in the past. Product design is sometimes confused with (and certainly overlaps with) ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Technology Forecasting
Technology forecasting attempts to predict the future characteristics of useful technological machines, procedures or techniques. Researchers create technology forecasts based on past experience and current technological developments. Like other forecasts, technology forecasting can be helpful for both public and private organizations to make smart decisions. By analyzing future opportunities and threats, the forecaster can improve decisions in order to achieve maximum benefits. Today, most countries are experiencing huge social and economic changes, which heavily rely on technology development. By analyzing these changes, government and economic institutions could make plans for future developments. However, not all of historical data can be used for technology forecasting, forecasters also need to adopt advanced technology and quantitative modeling from experts’ researches and conclusions. History Technology forecasting has existed more than a century, but it developed to an e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Product Development
In business and engineering, new product development (NPD) covers the complete process of bringing a new product to market, renewing an existing product or introducing a product in a new market. A central aspect of NPD is product design, along with various business considerations. New product development is described broadly as the transformation of a market opportunity into a product available for sale. The products developed by an organisation provide the means for it to generate income. For many technology-intensive firms their approach is based on exploiting technological innovation in a rapidly changing market. The product can be tangible (something physical which one can touch) or intangible (like a service or experience), though sometimes services and other processes are distinguished from "products". NPD requires an understanding of customer needs and wants, the competitive environment, and the nature of the market. Cost, time, and quality are the main variables that driv ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Data Management
Data management comprises all disciplines related to handling data as a valuable resource. Concept The concept of data management arose in the 1980s as technology moved from sequential processing (first punched cards, then magnetic tape) to random access storage. Since it was now possible to store a discrete fact and quickly access it using random access disk technology, those suggesting that data management was more important than business process management used arguments such as "a customer's home address is stored in 75 (or some other large number) places in our computer systems." However, during this period, random access processing was not competitively fast, so those suggesting "process management" was more important than "data management" used batch processing time as their primary argument. As application software evolved into real-time, interactive usage, it became obvious that both management processes were important. If the data was not well defined, the data wo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business Case
A business case captures the reasoning for initiating a project or task. It is often presented in a well-structured written document, but may also come in the form of a short verbal agreement or presentation. The logic of the business case is that, whenever resources such as money or effort are consumed, they should be in support of a specific business need. An example could be that a software upgrade might improve system performance, but the "business case" is that better performance would improve customer satisfaction, require less task processing time, or reduce system maintenance costs. A compelling business case adequately captures both the quantifiable and non-quantifiable characteristics of a proposed project. Business cases can range from comprehensive and highly structured, as required by formal project management methodologies, to informal and brief. Information included in a formal business case could be the background of the project, the expected business benefits, the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cost–benefit Analysis
Cost–benefit analysis (CBA), sometimes also called benefit–cost analysis, is a systematic approach to estimating the strengths and weaknesses of alternatives. It is used to determine options which provide the best approach to achieving benefits while preserving savings in, for example, transactions, activities, and functional business requirements. A CBA may be used to compare completed or potential courses of action, and to estimate or evaluate the value against the cost of a decision, project, or policy. It is commonly used to evaluate business or policy decisions (particularly public policy), commercial transactions, and project investments. For example, the U.S. Securities and Exchange Commission must conduct cost-benefit analyses before instituting regulations or deregulations. CBA has two main applications: # To determine if an investment (or decision) is sound, ascertaining if – and by how much – its benefits outweigh its costs. # To provide a basis for comparing inve ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Proof Of Concept
Proof of concept (POC or PoC), also known as proof of principle, is a realization of a certain method or idea in order to demonstrate its feasibility, or a demonstration in principle with the aim of verifying that some concept or theory has practical potential. A proof of concept is usually small and may or may not be complete. These collaborative trials aim to test feasibility of business concepts and proposals to solve business problems and accelerate business innovation goals. A proof of value (PoV) is sometimes used along proof of concept, and differs by focusing more on demonstrating the potential customers use case and value, and is usually less in-depth than a proof of concept. Usage history The term has been in use since 1967. In a 1969 hearing of the Committee on Science and Astronautics, Subcommittee on Advanced Research and Technology, ''proof of concept'' was defined as following: One definition of the term "proof of concept" was by Bruce Carsten in the context o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
CRISP-DM
Cross-industry standard process for data mining, known as CRISP-DM,Shearer C., ''The CRISP-DM model: the new blueprint for data mining'', J Data Warehousing (2000); 5:13—22. is an open standard process model that describes common approaches used by data mining experts. It is the most widely-used analytics model. In 2015, IBM released a new methodology called '' Analytics Solutions Unified Method for Data Mining/Predictive Analytics'' (also known as ASUM-DM) which refines and extends CRISP-DM. History CRISP-DM was conceived in 1996 and became a European Union project under the ESPRIT funding initiative in 1997. The project was led by five companies: Integral Solutions Ltd (ISL), Teradata, Daimler AG, NCR Corporation and OHRA, an insurance company. This core consortium brought different experiences to the project: ISL, later acquired and merged into SPSS. The computer giant NCR Corporation produced the Teradata data warehouse and its own data mining software. Daimler-Benz ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Customer Journey
Customer experience (CX) is a totality of cognitive, affective, sensory, and behavioral consumer responses during all stages of the consumption process including pre-purchase, consumption, and post-purchase stages. Pine and Gilmore described the experience economy as the next level after commodities, goods, and services with memorable events as the final business product. Four realms of experience include esthetic, escapist, entertainment, and educational components. Different dimensions of customer experience include senses, emotions, feelings, perceptions, cognitive evaluations, involvement, memories, as well as spiritual components, and behavioral intentions. The pre-consumption anticipation experience can be described as the amount of pleasure or displeasure received from savoring future events, while the remembered experience is related to a recollection of memories about previous events and experiences of a product or service. Definitions Forbes describes the customer ex ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Persona
A persona (plural personae or personas), depending on the context, is the public image of one's personality, the social role that one adopts, or simply a fictional Character (arts), character. The word derives from Latin, where it originally referred to a theatrical mask. On the social web, users develop virtual personas as online identity, online identities. Etymology The Latin word probably derived from the Etruscan language, Etruscan word "", with the same meaning, and that from the Greek ('). Its meaning in the latter Roman period changed to indicate a "character" of a theatrical performance or court of law, when it became apparent that different individuals could assume the same role and that legal attributes such as rights, powers, and duties followed the role. The same individuals as actors could play different roles, each with its own legal attributes, sometimes even in the same court appearance. According to other sources, which also admit that the origin of the ter ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Coolhunting
Coolhunting is a neologism coined in the early 1990s referring to a new kind of marketing professionals who make observations and predictions in changes of new or existing "cool" cultural fads and trends. Coolhunting is also referred to as "trend spotting," and is a subset of trend analysis. Coolhunters resemble the intuitive fashion magazine editors of the 1960s such as Nancy White (''Harper's Bazaar'' 1958–1971). Coolhunters operate mostly in the world of street fashion and design, but their work also blurs into that of futurists such as Faith Popcorn. Business model A coolhunting firm is a marketing agency whose exclusive purpose is to conduct research of the youth demographic. They then compile their data and produce reports detailing emerging and declining trends in youth culture as well as predictions for future trends. These reports are then sold to various companies whose products target the youth demographic. They also offer consulting services. Coolhunting firms ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Data Science
Data science is an interdisciplinary field that uses scientific methods, processes, algorithms and systems to extract or extrapolate knowledge and insights from noisy, structured and unstructured data, and apply knowledge from data across a broad range of application domains. Data science is related to data mining, machine learning, big data, computational statistics and analytics. Data science is a "concept to unify statistics, data analysis, informatics, and their related methods" in order to "understand and analyse actual phenomena" with data. It uses techniques and theories drawn from many fields within the context of mathematics, statistics, computer science, information science, and domain knowledge. However, data science is different from computer science and information science. Turing Award winner Jim Gray imagined data science as a "fourth paradigm" of science ( empirical, theoretical, computational, and now data-driven) and asserted that "everything about sc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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