Building an Effective Data Product Strategy — Taylor Wells, News Corp

On the podcast: How to make better decisions with data, the many pitfalls of collecting and interpreting data, and why the best executive dashboard is probably a hand-written weekly email.Key Takeaways:📝Balance data collection with business goals. Collecting all possible data can drown teams in noise and lead to compliance risks. Focus on collecting semantically important data that aligns with business goals and use cases to avoid unnecessary complexity and costs.💡Prevent exponential cost increases by structuring data early. Establishing a well-structured data collection and management process early on prevents costly modifications and adjustments later. Early alignment and thoughtful planning are crucial.🔒 Maintain control over data collection to simplify compliance. Managing your own data collection processes can reduce legal and compliance challenges associated with third-party data processors. This is especially crucial for adhering to regulations like GDPR.🔧Opt for off-the-shelf data solutions early on. Leveraging open-source or ready-made solutions can save time and resources. Maintain a clear evaluation structure for transitioning to custom solutions when needed, and accept changes in data collection methods to avoid outdated systems.📊Simplified insights over complex dashboards. Dashboards can overwhelm executives with too much data. Instead, providing a succinct, focused summary of key insights through something as simple as a weekly email can be more effective for decision-making.About Guest 📈 Director of Data Products at News Corp.💡With over 15 years of experience, Taylor is an expert in building and implementing effective data collection and analytics strategies — helping organizations like Disney+, Business Insider, and Deloitte collect the right data and turn it into actionable insights.👋 LinkedInFollow us on X:David BarnardJacob EitingRevenueCatSub ClubEpisode Highlights[3:44] Laying a foundation: Data collection is a lot like constructing a building — setting up the right framework from the beginning can save you a lot of time, effort, and money later.[7:30] The Goldilocks zone: Collecting either too much or too little data is costly and can potentially have ramifications for data regulation and privacy laws.[16:58] Information overload: Data is only helpful if you derive actionable information from it.[20:33] Distilling data: What is a “data product” team? (And why might you need one?)[26:13] Build vs. buy: Most companies should start with an off-the-shelf data collection solution instead of building something internally — then consider a switch later when the scale and financials make sense.[33:45] What’s in a name? What you call specific data points and even your data collection system can be very important.[42:11] Ditch the dashboard: Fancy data analytics dashboards need to be interpreted to be valuable — and without context, they can be misleading.[51:27] Trix are for… kids?: How Taylor’s experience promoting the television show “Bluey” on Disney+ illustrates the incredible power of data analytics.