Have you ever struggled with finding an easy way to communicate to those that are aren’t in the data all day every day, how long it takes to make data available and useful? I know I have. There are countless times where I have tried to say, show or whiteboard the issues but at the end it never hit the mark and I was left without the support I needed to make an impact.
At its core the data value chain is a simple way of showing how data makes its way from a use case to a result and highlights where improvements can be made to deliver value faster. As you start to review your data value chain you’ll get an appreciation of where you are finding roadblocks that you can then use to get the support you need to move ahead.
I have built a simplified view that shows how I think about it. I’m sure once you work to implement it in your context you’ll find ways to expand and detail this out further but there are 5 simple enablers that you can start connecting enablers together now.
Use cases: At the start it's developing and backlogging new uses cases,that increasingly, should be developed and evaluated cross-functionally to create synergies and teamwork.
Data: An inventory and understanding of what data asset are available and are coming online helps provide a road map that is used to support use case development, planning, and innovation. Being able to quickly connect the data points together in the context of a new use cases will help accelerate prioritization and time to value.
Analyze: Teams have different needs on how they use data but there is no denying the fact that making data and tools that are fit for purpose and allow a broader user base the ability to ask questions and get answers will create exponential value.
Deploy: Data isn’t just about reporting and decision making, as use cases evolve, it can help power all aspects of the organization. Use it to predict and prescribe, connect with your customers, create better products and experiences, make interacting with your business more efficient and effective. New ways of working will be needed to help integrate data and analytics into these streams and unlock the potential.
Results: Having rigour in how results are trusted and evaluated, such as control groups, experimentation, alignment to KPIs will make interpretation more easy and decision making more effective. However, results are only the beginning, in that the data value chain is meant to be a continuous improvement capability. The end result will play a role in shaping a new use case to continue the cycle.
Speed to market of new use cases is key feature of the value chain and is a core way to define the improvements being made. But speed should not be used in isolation. Variety and value of the use cases being generated that work to bring ideas and people together as well as trust and access to data across the organization are also key features that need to be highlighted in the journey to building the data value chain.
So where to start: Take a crack at base-lining how long it would take to deliver an easy, moderate, and hard use case from inception to result. I’d bet that end-to-end the time line would be measured in months and quarters, not days or weeks.
Estimate how long each enabler would take from time to define a use case through to getting a result. It’s not about precision here so don’t get caught up. It’s about creating awareness that improvement creates value.
Look for opportunities alongside your partners that with their support can help to make the data value chain more robust. Process improvements, championing a cause, supporting investment decisions are ideas to get moving.
Set a target that you want to achieve for a similar use case in 12 months, say 10, 15, may 50% faster. Through this lens, and with the data value chain as a framework, you’ll have an easier time defining, articulating and getting support for where you need to make improvements.
The evaluation of data and analytics is only moving fast forward. Enabling a way for your organization to look at how data is delivered to create value and how your partners collectively support this acceleration will critical.
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