As we all work to define the 'value' of Data, Digital and Technology in our respective companies - what 'categories of value' are you defining against which you track milestones beyond the more traditional financial categories linked to things like Return On Investment (ROI)?
Hi Anzar - thank you. Likewise we used Experience (level below we separate this to customer / employee etc) , Sustainability, DEI, Talent alongside the Financial. I'd be interested to hear if you are using this within a Value Model collectively or you manage/pull these levers separately by use case?
Hi Joanne - I have a similar ask linked to these same categories with the addition of 'adoption' - is this something you cover in a different way? Or is there a reason you negated this in your matrix?
Hi James
It's a good question. We don't measure adoption in the sense of how widely a technology has been adopted but rather in how well the technology is being used to drive value. So for example we would consider it widely adopted if time to data is dramatically improved or time to decision or even quality of decision.
I chose not to categorize adoption for a couple of reasons - first the criteria for technology selection should be based on how widely it can be used/adopted to satisfy strategic outcomes (think portfolio or program not project). Secondy because adoption is a vaguery. Case: A few trainers adopt an AR/VR/MR technology. They then use it to retrain/upskill a workforce of thousands. Who are the adopters? Imo - the small group who made it useful for the larger audience. The value of the technology then has a multiplier affect in value add. If I did it the other way, and said 1000's of users, the numbers could drop dramatically as the workforce will always be fluid (e.g. x=workforce today vs x=+/- workforce tomorrow) and across facilitites/geos perhaps. I'd rather measure the value in productivity gained, innovation gained, better decisions, time to decision... does that makes sense to you?
Strategic Value concerns how Data, Digital, and Technology contribute to achieving the company's strategic goals and objectives. It considers things like competitive advantage, market positioning, and brand reputation.
According to this category, data, Digital, and Technology improve operational procedures and workflows. It covers indicators such as cost reductions, time savings, productivity increases, and error reduction.
Customer Experience: This category assesses the impact of data, digital, and technology on customer satisfaction and loyalty. Customer retention rate, Net Promoter Score (NPS), and customer feedback are among the indicators included.
Innovation and Creativity: This area assesses how Data, Digital, and Technology promote and enable innovative ideas. Metrics include the number of fresh ideas developed, patents submitted, and successful product launches.
Employee Empowerment: This area concerns how Data, Digital, and Technology enable employees to accomplish their jobs more successfully. Metrics such as employee happiness, skill development, and collaborative efficiency are included.
Risk Management: This area evaluates how Data, Digital, and Technology minimize risks and maintain regulatory compliance. It covers measurements such as the number of data security measures adopted, regulatory compliance rate, and incidents.
Environmental Impact: This category assesses data, digital, and technology's contribution to ecological sustainability. It includes indicators such as reduced energy use, reduced carbon footprint, and improved waste management efficiency.