Data Analytics: Strategies to Demonstrate Value and Achieve Transformation
Recently, chief information officers, chief data officers and other leaders got together to discuss how data analytics programmes can help organisations achieve transformation, and how that contribution of value can be measured. We joined to share our insights at this CIO Online virtual roundtable event, which included leaders from organisations in healthcare, financial services, utilities, communications and more taking part in the conversation.
The discussion focused mostly on data management issues and opportunities around “supply” – its quality, ownership, access and other matters. Supply and consumption are symbiotic principles that together maximise the value of the enterprise data asset. While “consumption” matters are just as critical, getting data supply right is essential to ensuring that data – and the insights it drives – are available and trustworthy.
Our participants report encountering the view that data analytics programmes don’t justify the effort to implement and operate them — even as companies spend more on big data and analytics every year. These leaders also struggle to set up metrics that demonstrate their programmes’ achievements of transformation objectives.
These two challenges are closely linked: better metrics on data analytics programme value would go a long way toward dispelling the perception that these programmes are not worthwhile. In our conversation, we acknowledged that doubts about data analytics’ worth is a symptom that the business is not equipped to derive full value from the programme. It’s a situation that calls for empowering the business to read, analyse, work and even argue with data – effectively and confidently. This post summarises our conversation and describes some strategies we discussed to derive and demonstrate data analytics programme value.