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Data Valuation Downloads
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Why we need to put a dollar value on data
Data valuation 101: why you need hard numbers to succeed4 Topics -
Setting the scene - a Finance 101What are some financial metrics your management will care about?3 Topics
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The four categories of data value4 Topics
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Establishing a baselineThe value of intangible assets
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Data valuation 102: how much is your data worth today?4 Topics1 Quiz
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Fail-Proof Data Valuation TechniquesAn introduction to data valuation models
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Enhance Experience - how data can win you more business2 Topics1 Quiz
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Wheelspin Wipeout - Put a price on waste and rework2 Topics1 Quiz
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Eliminate ambiguity - how to drive productivity across your enterprise3 Topics1 Quiz
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Opportunity knocks - where can we sell or barter our data?4 Topics
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Data Debt - the high cost of doing nothing2 Topics1 Quiz
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Infonomics - a practical review7 Topics1 Quiz
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How much does it cost to be wrong?1 Quiz
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Using data valuationsHow do we use these data valuations?
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Mapping data valuations to Enterprise value
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Running Data Monetisation Workshops
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Growing data value through time - Bill Schmarzo's Economic Value of Data
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Next steps1 Quiz
Participants 49
Now, business cases get a bad rap in most firms, and just like data strategies, I don’t think many people really know what goes into one. In some firms, what passes for a business case would be laughed right out of the door in others. And I’ve seen board papers that are 8 pages long that command millions of dollars in investment. This isn’t good enough.
Even worse is when organisations have got funding and they just want to get on with it. They want to start doing without planning what they’re going to do with their funding. This is the recipe and road to ruin.
Whatever you choose to call it, whether it’s a business case, whether it’s a business plan or whether it’s just value proposition design, we need it for 4 key reasons. The first is that we’ve got to prioritise your work, ideally aligning it against what the business wants.
The second is for us to understand why we’re doing what we’re doing, what is the value that we’re looking to unlock.
Thirdly, we want to ensure that we’ve captured key KPIs and other metrics that will help us know that we are making progress and that we are achieving our goals to justify continued investment. Lastly, it’s so that we know where to begin.
What value does a business case bring?
Let’s take a quick look at the value a business case brings. These stats came from research we ran last year when we were looking at data maturity of different companies, and what we found was when they didn’t have a business case, they were at the initial level here down at level two. But when they did have a business case, they jumped up to 3.39 with a good business case. So there’s a real improvement in the data maturity of a firm just by putting these things together.
How a business case delivers value
What you’ve got to do is create a business case for change inside your firm. That’s going to ensure that there is engagement because you’ve got business alignment. It’s going to lay out the value of the business program in business numbers. It’s going to stop you from being down a rabbit hole in I.T. centric or tool first projects. It makes the business state the value that they get from our accurate data. It’ll help us to determine who should be accountable and responsible for the work we’re going to do. And clearly, it can be used to demonstrate tangible progress towards our goals.
So all of these numbers on data valuations should be put into a data business case to justify the work that you’re trying to do.
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