Justifying any significant business investment is challenging. For data managers, the struggle is especially familiar. The difficulty is convincing decision makers to invest in data when measures of data’s value either do not exist or feel too ambiguous to estimate.
As digital transformation accelerates, interest in frameworks for linking data to monetary measures grows. Connecting data and value requires an approach of “treating data as an asset.” Through wide industry collaboration, the Data ROI Working Group of EDM Council has collaborated to define a three-step framework for how organizations can advance the concept of treating data as an asset by measuring, managing, and creating value from data.