At delaware we believe that there is a simple metric that summarizes your company’s data-driven potential:
Some key definitions:
# business processes: every business process has the potential to capture, process and store data – allowing you to boost business value by digitizing targeted processes. This is especially relevant in light of the data register of the upcoming GDPR.
# data sources: how many sources of data (structured and unstructured, internal and external) your business owns or accesses is a natural driver of your data-driven potential.
Information quality: accuracy, believability, reputation, relevance, value-adding, timeliness, completeness, volume, format, coherence compatibility – these are all characteristics of high-quality data. For details, see Gartner’s model for measuring data quality and value.
Organizational maturity and complexity: business barriers become data barriers, reducing the potential value creation of becoming data-driven. Mature companies have overcome siloes, created key roles such as chief data officer, head of analytics or information architect, and mastered data management. You can benchmark your company’s maturity using the IVI tool.
The quest to embed data in company-wide operations can only succeed if it is cost-effective, incremental and sustainable. Don’t reinvent your core IT systems just for the sake of doing so; approach transformation in an agile, results-focused and manageable way. Begin with a clear vision, and then engage in pilot projects with payoffs in weeks or months, and then outline a plan to tackle high-priority use cases. Finish up with a roadmap for building long-term capabilities.
Boston Consulting Group developed a matrix that we use at delaware to divide the transformation process into three segments.