Six pillars for gaining more business value from data

Data should be a continuous source to create business value. In order to maximise this value, it is key to actually manage data, say Pim Roessink and Kaj Gruppelaar from consulting firm Novius. When done well, this then results in better services and products, more efficient processes, improved decision-making and ultimately more business agility.

Appropriate management entails continuous alignment of business value creation, enhanced usage of data analytics, data management and creation of enabling capabilities. At Novius, we believe it is key to work on all these aspects simultaneously. This way, investments in data execution and data analytics & management capabilities are balanced with tangible business benefits. 

The realisation of real benefits fuels the motivation to continue investing in data activities. Less energy is needed to convince people of the ‘need for change’, because they first-hand experience the advantages in their daily work. Explicit translation of strategic business goals to executable activities ensures effort is directly focused towards key areas of opportunity or concern. 

This way of working ensures benefits outweigh investments already in an early stage and results in a sustainable positive impact on all targeted aspects in the long term. Interested in getting started? Six pillars of the approach: 

1. Create business value

All data activities and capability developments should contribute to the creation of tangible business value. It is key to translate business objectives to a data strategy, directing data related efforts. Prioritise efforts based on the value creation by utilising data, not by valuating data. Understanding business value is essential to manage the balance between data investment and tangible results. 

2. Execute analytics

Executing data analytics & artificial intelligence is key to optimise processes and decision-making. A strong data management foundation is important, but not required to get started. Starting with analytics shows the organisational benefit. This way, business value is directly created with new insights and organisational learning. It can help build the case for additional investment in the foundation as well.

3. Execute data management

Data management is the foundation of turning data into business value. It is essential to continuously manage data resources with an embedded data management process. Applying data analytics & artificial intelligence will become more efficient and effective. At the same time, the whole organisation will benefit from fit for purpose data. 

4. Build enabling capabilities

To execute data activities, process, people and technology capabilities are needed. Capability development should be iterative. Again, organisations should strive for a balance investing in supporting capability development and generated business value. This can be achieved by following a ‘just enough’ approach. 

5. Create guiding governance principles

Implementing a small set of key principles ensures data execution and capability requirements are embedded effectively and consistently in the organisation. Ensure the purpose of each principle is clear. 

6. Align continuously

Continuous alignment between business strategy, data strategy, data analytics, data management and data capabilities is of vital importance. This leads to value-driven investments in data capabilities and data driven processes that produce tangible benefits and create buy-in for future initiatives.