CDO Matters Podcast CDO Matters Ep. 32 | Value Engineering
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Sep 7, 2023 In this episode, Laurence Young, a value consultant, discusses the importance of improving data from a business perspective. They explore showcasing the value of data investments and emphasize the significance of revenue as a metric for growth. The speaker also shares insights on quantifying the return on investment for data initiatives and addresses challenges in improving customer data. They highlight the importance of aligning organizational goals with data projects and connecting business metrics with data quality metrics.
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Connect Data To Business Outcomes
- Data investments must tie to tangible business outcomes like revenue, cost savings, or risk reduction.
- Framing data work by business value forces better prioritization and stakeholder alignment.
Data Is The Business's Descriptive Layer
- Data functions as the descriptive layer for all business assets and processes, making it critical despite not always being labeled a balance-sheet asset.
- Framing data as the way we recognize and decide about assets makes its business relevance obvious.
Start By Interviewing Stakeholders
- Talk to people across the business to understand why the project was requested and capture both top-down and bottom-up perspectives.
- Use those conversations to align the data project to organizational initiatives before modelling value.