Position and Agree on ROI to Maximize the Impact of Data and Analytics
Data and analytics ROI strategy is based on the business problem being solved and agreed-upon value being generated.
Member Challenge
- Because ROI is a financial concept, it can be difficult to apply ROI to anything that produces intangible value.
- It is a lot harder to apply ROI to functions like data and analytics than it is to apply it to functions like sales without misrepresenting its true purpose.
Our Advice
Critical Insight
- The standard ROI formula cannot be easily applied to data and analytics and other critical functions across the organization.
- Data and analytics ROI strategy is based on the business problem being solved.
- The ROI score itself doesn’t have to be perfect. Key decision makers need to agree on the parameters and measures of success.
Impact and Result
- Agreed-upon ROI parameters
- Defined measures of success
- Optimized ROI program effectiveness by establishing an appropriate cadence between key stakeholders
Research & Tools
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1. Data and Analytics ROI Strategy Deck – A guide for positioning ROI to maximize the value of data and analytics.
This research is meant to ensure that data and analytics executives are aligned with the key business decision makers. Focus on the value you are trying to achieve rather than perfecting the ROI score.
This research includes a guide on how to approach ROI when it comes to data and analytics. It also contains a ROI strategy mapping tool to complement the activity mentioned in the research.
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Position and Agree on ROI to Maximize the Impact of Data and Analytics Storyboard
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2. Data and Analytics Service to Business ROI Map – An aligned ROI approach between key decision makers and data and analytics.
A tool to be used by business and data and analytics decision makers to facilitate discussions about how to approach ROI for data and analytics.
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Data and Analytics Service to Business ROI Map
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