Mission Statement: To create a framework that can significantly improve the industry’s ability to capture and show ROI on data programs and projects.CHALLENGE OF DATA ROI
The importance and relevancy of data management have grown significantly across all industries. Yet in many cases, teams still struggle with defining the true ROI of data and data programs. The objective of this workgroup is to work collaboratively with industry leaders and SMEs to develop a standard best practice framework for data management ROI.ROI WORKGROUP APPROACH
To address this objective, this workgroup will propose to examine three Data ROI Use Cases:
1. The ROI of the Data Office and the CDO
- Can a best practice be designed to demonstrate the success of a data management initiative within the organization?
2. The ROI of Data Management Project or Purchase
- Can a framework be developed to bring transparency to the benefits of a proposed data project or software/hardware acquisition (e.g.: data lakes; MDM; Golden Copy; etc.)?
3. Data as an asset
- Is there a standard way in which the intrinsic value of data can be represented (data on the balance sheet)?
For each of these Use Cases, create a framework of best practices and guiding principles, and a resource of examples and success stories, that can be used cross-industry, to assist in defining the ROI associated with data and data management initiatives.
Work collaboratively with industry peers to determine:
- What is working well/not working well?
- What should we continue doing / What should we stop doing?
- Are there existing industry examples or templates that can be leveraged?
Target participants will include data management professionals (CDOs; Data Governance and Data Quality Leads); Product vendors (sales and marketing SMEs); Consultancies.