Even the data itself has a shelf life which is often referred to as data decay, decreasing its value over time. This figure can be up to 3% per month or 20% – 40% for the year. It is also possible that critical events can accelerate this, for example the introduction of internet, smart phones & the pandemic all changed consumer buying behaviours so much that it accelerated the decay of consumer data. It is also estimated that poor data quality can cost a company 10% – 30% of its revenue and accelerate data decay.
The value data can bring through improving decisions around operational efficiencies or increasing revenues are sizeable. Data driven companies outperform their peers by 20% and data projects often have compounding value. A compounding factor means the earlier the benefits are implemented, the bigger the total value will be realised over a period. Good data management processes will help maintain the value of the data asset once it is in use.
Things that slow data projects down include other projects that impacts people, changing data sources or changes to businesses priority. Furthermore data projects provide great returns however the first project will have an initial outlay and a tougher ROI to meet. The cloud has helped significantly here, being able to deploy a project that can scale with use cases reduces the initial outlay. This is critical and in the long run it improves time to value of future projects. The final blocker is about enabling the teams on the new skills that new technology may require.
At Arreoblue our name was inspired by the word for driving and time to value is the key metric we use to define success of our projects, helping our clients realise value quicker. We have designed our approach to address many of the reasons why a clients data vision may have stalled.
Our framework starts with Assess so we understand how much a client has already realised of their data vision. Then we can Accelerate forwards from that point, using short high value sprints with accelerators & frameworks. We then take the learnings and Amplify the results using the appropriate experts from the Arreoblue team to continue the forward momentum.
Together this framework allows Arreoblue to meet clients where they are, and help them drive forwards enabling teams for the future and leaving a platform for success. Get in touch with us today if you would like to understand how we can help you.