How To Get Data Investment Signed off

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Posted on:

August 7th, 2023

Posted in:

Insights & Thought Leadership

Board Point of View on Investment 

Businesses always have competing priorities, the question of where to invest for maximum return is front of mind for Boards.  When it comes to making the case for data projects over other ‘vital’ initiatives, the key lies in highlighting both the immediate revenue opportunities on offer, alongside the strategic importance of investing in data capabilities.  As Business Leaders, the key is to skilfully communicate this value in a language that resonates with the Board and leaves no doubt about the alignment of data programs with the organisation’s broader strategy. 

Below we discuss the key areas in aligning data projects with business objectives in the eyes of the Board.

Strategic Relevance of Data Programs 

Data programs must be more than standalone endeavours, they must directly contribute to achieving strategic business goals. Business leaders should emphasize how data-driven insights inform critical decisions, optimise processes, and uncover new revenue opportunities.  

Demonstrating how leveraging data enhances the customer experience also highlights the potential for increased satisfaction and customer loyalty. 

Evidence of Success  

To build confidence in data initiatives, Data leaders should provide proof of concept through past successes and pilot results. Proposal of a pilot project within a wider program of work is a way of achieving this. Highlighting positive outcomes from the leveraging of data in previous initiatives will strengthen the argument for future investment.  For this reason, small incremental projects are the best way to go in the data space. 

Industry Best Practices and Trends 

Staying ahead in a competitive landscape requires adopting industry best practices and trends. Business leaders must demonstrate that data science and analytics is becoming a standard practice in successful organisations, is a crucial component of remaining competitive and lays the foundations for more developed leveraging of data in the form of AI, Machine Learning and Next Best Action practices. Investment now is essential to remain competitive in the future.  

Future-Proofing the Organisation 

Data programs are not just short-term solutions, they play a critical role in future-proofing the organisation. By leveraging data insights, businesses can adapt and innovate in response to changing market conditions and emerging technologies. 

As experienced commercial data partners, Clekt support Business stakeholders to prove the opportunities data provides for business. Facilitating conversations and nurturing data culture is a vital aspect of the support we offer. For a chat about how we can support you in opening the conversation up around data in your business please get in touch