By Maria Villar
Enterprise Data Management & Governance Innovator
Feb. 22, 2019
Q: How do you demonstrate/communicate business value in business $$ terms?
A: Demonstrating business value comes, first, by defining a data strategy that supports the business strategy, business goals and business outcomes. Then defining those metrics that demonstrates the execution of the data strategy to achieve those outcomes.
Business value, in dollar terms, can be demonstrated, via cost savings, cost avoidance, increased employee productivity and process improvements when managing data effectively. Monetizing data services can also be used.
Baseline costs or process time that will inform hours or money saved from your data management program. The metrics must be defined, and baselines agreed to with business stakeholders. If there is not consensus on how the metrics were defined and process to measure, then results of data improvements will not be endorsed or believed!
Finally, communicate the value effectively and often to showcase process efficiencies, increased productivity, or cost improvements resulting from investment in effective data management!