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Data ROI

Driving Best Data Practices for Data ROI

The importance and relevancy of data management has grown significantly across all industry. Yet in many cases, teams still struggle with defining the true ROI of data and data programs. The EDM Council is pleased to launch the Data ROI workgroup to address the challenges and define best practices. The objective of this workgroup is to work collaboratively with industry leaders and SMEs to develop a standard best practice framework for data management ROI.

Data ROI Work Group Approach

To address this objective, this workgroup will examine the following Data ROI Use Cases:

  1. The Data ROI of the Data Office and the CDO / Data Programs
    •  Can a best practice be designed to demonstrate the success of a data management initiative within the organization?
    • Can a framework be developed to bring transparency to the benefits of a proposed data project or software/hardware acquisition (e.g.: data lakes; MDM; Golden Copy; etc.)?
  2. Data as an Asset with ROI
    • Is there a standard way in which intrinsic value of data can be represented (data on the balance sheet)?

For each of these use cases, the group will create a framework of best practices and guiding principles, and a resource of examples and success stories, that can be used cross-industry, to assist in defining the ROI associated with data and data management initiatives.

The Data ROI workgroup is managed by the EDM Council and co-chaired by Scotiabank and Wellington Consulting, with participation from the financial institutions, technology firms and data providers.

Your engagement in Data ROI

If you are interested in engaging with other Council participants and staying in touch with the work products of Data ROI, please join the Data ROI Interest Group!

Contact us to inquire further about the Data ROI workgroup.

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