Fifth Element of Strategy—Value Measurement Framework

Abstract

Measuring business value delivered by a data and analytics initiative is a difficult task. In many cases, it is not possible to directly measure the value. This often leads to executives questioning the return of their investment. One can address this challenge by establishing a value measurement framework that can help capture and demonstrate both quantifiable and non-quantifiable business benefits. While delivering business value is of paramount importance, data and analytics team also needs to continuously improve their operational efficiency, so that they can deliver value in a consistent and efficient manner. For this, they need to focus on four key areas—(a) people performance, (b) process effectiveness, (c) technology capability, and (d) data maturity.