What separates good decision making from great decision making in the enterprise? A sound cost information strategy and framework. With the exponential increase in the volumes of data generated by an organization, many leaders are seeking ways to capitalize on that information.
To drive innovation, reduce cost, or justify modernization efforts, organizations must be prepared to align their strategy around 5 key pillars:
[Graphic of 5 pillars?]
Many organizations have deficiencies in data standards, architectures, integration, as well as a lack of data governance creating a proverbial “black hole” of information. An organization’s lack of total financial visibility results in the inability to accurately show the proposed savings of modern data platforms. This results in delays, withholding, and denial of funding for new systems and capabilities.
To address all these issues, an organization needs to establish a common understanding of what the stakeholders hoped to achieve. This includes:
Answers to these and other questions form a cost framework. A sampling of the cost information framework requirements included:
With these questions answered the next step is developing an implementation effort.