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68 The Real Work of Data Science

Thousands of questions can come up. At the very least, CAOs should be prepared to address
the following:

• What all is involved?
• Where does analytics (and everything else for that matter) fit?
• What are the must dos for senior executives?

Finally, CAOs must develop the trust to be asked these questions and the perspective to
answer them directly.

Covering the Waterfront

Interestingly, oil, in and of itself, does very little for anyone. You can use it to power engines,
but even then, fuel and an engine get you little. Much more is required. You have to pull a
number of components together into a product (say, a car); you have to design and manufac-
ture the car; you have to sell it; and you need a company to accomplish all these things together.
We find that the car, and a car company, provide a useful framework for extending the “data
is the new oil” analogy. See Figure 14.1.
Let us consider several features of the analogy in turn. First, security is to data as safety is
to the car. Thus, manufacturers work hard to make the car safe, with airbags, bumpers, crumple
zones, power‐assisted brakes, and blind‐spot mirrors. Likewise, companies must employ a
wide variety of techniques to keep data secure.

Analytics: Doing everything else better

Data-driven:
Privacy: Tinted GPS
glass
High-quality
data: High-
Technology: quality fuel
Engine
Security:
Bumpers
IoT:
Maintenance
utilities

Design and Marketing and Running the
manufacture sales company
Governance: Well- Monetization: Sold, Infonomics:
managed manufacturing serviced at profit Improving the
Digitization: Latest balance sheet
manufacturing Data as an asset:
technologies Managing facilities
Metadata: Inventory and intellectual
management property

Figure 14.1 Data in the context of a car: what it takes to manufacture and sell it and to run a successful
automobile company.