What are the common challenges you have faced when communicating the value of data and analytics to stakeholders? Can you share any best practices or lessons learned from these challenges?
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Chief Technology Officer in Software2 months ago
In my experience, one of the most effective methods to communicate the value of data and analytics is to start with examples. When you can showcase the value or ROI that a particular initiative has generated, it becomes easier to initiate the conversation. Without concrete examples, stakeholders may not take the discussion as seriously, and the conversation might not progress as much as desired. When you start with an example, stakeholders are more likely to agree with your views and ideas, setting a positive tone for the rest of the discussion.SVP, Data & Insights2 months ago
Another challenge I've observed is that many organizations still rely on legacy ROI metrics to assess the benefits of data and analytics initiatives. These legacy metrics often only consider one aspect of the benefits of modern data and analytics initiatives. For instance, they might not fully capture the holistic impact of initiatives around data governance, data quality, and data observability, which can elevate the organization's overall data maturity and unlock modern data capabilities. These more subjective benefits are not properly captured by legacy ROI models.To overcome this challenge, it's beneficial to use examples, even in a subjective way, to highlight these secondary benefits that aren't necessarily captured by legacy ROI models. It might also be beneficial to suggest alternative ROI methodologies for data and analytics initiatives, which inherently have a lot of subjective value. Especially given the current inflection point in the industry, if you don't act because your ROI metrics aren't there, you risk being left behind and potentially jeopardizing the competitiveness of your organization.
Director, Engineering Finance2 months ago
Unless you make Data and Analytics an integral part of the Rhythm of Business, it would be difficult to communicate the value and convey it's significance to the senior leadership team. Creating a metric around how many projects within your org are leveraging data and analytics and bring teams (sub teams) into the discussion as that way every team would like to be called out and would like to work on D&A projects. Without these practices, others would not jump on embedding Data and analytics into the charter of the org.