ABSTRACT
This chapter provides the foundations for a sound value-creating data science strategy. It discusses how data science can create value and what elements are required to create value. The core data science strategy elements are data assets and analytics, which then should lead to value creation. The data science strategy should be enabled by data science capabilities. Value creation should be the ultimate objective of every data science strategy. Value creation is one of those terms that is easily written down without a complete understanding of the topic. Importantly, the chapter considers value from two perspectives: value to the customer (V2C) and value to the firm (V2F). Beyond the distinction between V2C and V2F metrics, metrics at the market, brand, and customer levels can also be distinguished. Data assets are an important first step in data science strategy. Data analytics can create marketing insights and models that can subsequently improve marketing decision-making and improve the success of actions and campaigns.
