Data valuation 101: why you need hard numbers to succeed

Welcome to this data valuation course. Now before we spend a second putting values on data, we’ve got to work out why it is this is important in the first place and what we’re doing it for. So take a look at these three main reasons why we believe it’s a necessity today.

Priorities, please

First and foremost, we’ve got to prioritise our work. If we don’t know what value we’re unlocking, why are we doing it? CDO’s and their teams have a two and a half year lifespan in most firms because that’s how long it takes before the firms are fed up getting no results from the money and effort they’ve invested in their data.

Get your executives on board

Securing executive sponsorship is another key reason. In our survey last year, 42% of firms said that senior stakeholders weren’t very interested in data governance and in 12% of firms, nobody cared whatsoever. We’ve got to get their attention, and the only way we can do that is to grab them where it hurts, which is in the wallet.

Become a profit centre

Lastly, we want to become a profit centre. Why don’t we start to become part of the business that’s driving real value into the organization to the bottom line, rather than a pit of wasted money, which is leading to no value for the business whatsoever? Unless you can articulate the why behind your work, ideally in dollars and cents, nobody’s going to listen.

So sit back, relax and enjoy the course. Cheers.