How much value does data add to your organisation? How do you evaluate your organisation's data maturity?
At Anmut these are questions that we have discussed at length with academics, business leaders, digital and data leaders. We have summarised our findings in the Anmut Data Maturity Ladder, a framework for understanding how well organisations make use of their data. Organisations that have climbed the Data Maturity Ladder are far more likely to operate sustainably, gain internal and external stakeholder trust, and produce successful and meaningful innovations.
In today's post we will cover the first two of the steps on the ladder.
STAGE 1: Short Term Profit
In this stage data is considered on a short term, for-profit basis. Ownership is assigned for some data elements in individual business units but much of the organisation's data is not formally owned. Little/no data or information about data is shared across the business. Data quality is generally poor, and where data standards or quality have been addressed it has been at a local level, usually for single business unit specific projects. Analytics projects are done, but it often takes so long to get the data that the organisation is unable to scale individual business unit projects into broader/enterprise-wide initiatives. This leaves the organisation vulnerable to faster moving competitors.
STAGE 2: Risk
Data is considered from the perspectives of short term profit and risk reduction. Ownership is assigned for some data elements in individual business units, and while much of the organisation's data is not formally owned there is a growing awareness of the benefits of clearly defined data governance. The organisation is beginning to understand the importance of data and a culture shift appears to be underway. Some basic standards have been set for data quality and management, although they are not always enforced. As in Stage 1, it often takes so long to get the data from analytics projects that the organisation is unable to scale business unit analytics projects into broader/enterprise-wide initiatives. The organisation remains vulnerable to its faster moving competitors. Our next blog will explain the final three steps of the Anmut Data Maturity Ladder.