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Ascribing ROI to Data Operations: Finding Hidden Benefits
Businesses are increasingly focused on determining their data operations’ return on investment (ROI). This focus comes from the understanding that data is a valuable asset that can generate significant business value. However, as Gartner points out, organizations often fall into the “death by ROI” trap, where they try to justify data and analytics investments through narrow ROI models. This approach can hide the broader benefits of data initiatives, as it fails to capture the overall value these operations bring to the organization.
To avoid this pitfall, Gartner suggests that businesses blur the lines between data functions and other organizational areas. By fostering collaboration and integration, companies can ensure that data operations contribute to overall business goals rather than being isolated as standalone functions. This approach is exemplified by leaders like Brita Andercheck, who transformed the City of Dallas’s data department into a strategic partner for other city departments, thereby enhancing overall business value.
The benefits of these practices are significant. By integrating data operations with broader business objectives, organizations can unlock new revenue streams, improve decision-making, and enhance customer engagement. Moreover, according to Gartner’s analysis, mature data and analytics practices have been shown to improve core financial performance measures by up to 30%.
Advancements in artificial intelligence and machine learning are expected to further enhance data operations. These technologies can automate data processing and analysis, providing faster and more accurate insights. While some of these innovations are already in use, it may take several years for their full potential to be realized and widely adopted.
Ascribing ROI to data operations is not only feasible but essential for businesses aiming to thrive in a competitive landscape. By investing in robust data management strategies and technologies, companies can unlock the full value of their data assets, leading to improved financial performance and a sustainable competitive advantage.
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