The Importance of Connecting Data Investments to Business Value

One of the main topics of discussion for data leaders is how to connect investments in data to business value. This challenge is a recurring issue faced by CIOs, CDOs, and VPs of data and analytics. The key question is how to show the value to the business when investing in data-related initiatives such as software, reports, dashboards, data governance, and data stewardship. Stakeholders want to know the quantifiable business benefit and outcomes that these investments will bring. This has become even more relevant with the increasing need for data-driven decision-making. The conversation with Lawrence Young, a value consultant, explores the significance of this connection, highlighting the importance of translating data improvements into tangible financial impacts, such as cost savings, increased revenue, and risk mitigation.