ROI of data checklist

By Pluralsight

Technology leaders know that big data will dominate the future: 78 percent believe that data collection and analysis has the potential to dramatically change the way their company does business over the next three years. How will your organization gain maximum impact from your investment in data and analytics technology? Here are six steps to follow:

Match data to business objectives
Getting value from your data doesn’t start with platforms or tools. Begin by asking yourself what information you need to deliver on your business strategy. The data you have is only as valuable as the goals it helps achieve.

Position tools in existing decision processes
Information is wasted when delivery is inconsistent, inadequate or overwhelming. Work with managers to determine when data impacts their day-to-day operations and adoption of analytics tools will follow.

Scale through self-service analytics
Easy-to-use environments for accessing data are a hallmark of modern organizations. Invest in self-service analytics and the necessary training to increase efficiency in gathering and analyzing data.

Break down silos step by step
Departments can fail to share what they know for structural and political reasons. Reverse bad behavior by requiring data programs be optimized for the company one business objective at a time. Start with the most important objective first.

Determine the value of innovation
Will insights formed from data accelerate delivery times? Reveal what your customers really want? Show where tasks could be automated? Determine what innovation is worth and connect data to this value.

Develop ‘data-translators’ to bridge understanding
Data at scale needs dedicated translators. Among data engineers and scientists, there should be individuals focused on providing context for technical work. These ‘translators’ communicate the meaning of business critical data to the right people.

Don’t forget: These steps require comprehensive change in an organization, and seeing greater return from your investment in data will happen over time. Concentrate efforts on your most important objectives and remain flexible as business needs dictate where to focus next. 

About the author

Pluralsight is the technology skills platform. We enable individuals and teams to grow their skills, accelerate their careers and create the future.