Unlocking Value: Recap of #1 Sprint for 2024 with the Data Value Toolkit

Unlocking Value: Recap of #1 Sprint for 2024 with the Data Value Toolkit
Photo by Andy Beales / Unsplash

Over the past three months, the Data Value Toolkit design team, and partners such as Otago University and EverEdge Global, have been hard at work refining the approach to data product discovery, exploring two distinct models for toolkit execution, and developing a pragmatic strategy for data governance that focuses on unlocking the intangible value of data.

So, let's dive into the highlights of the journey so far and the insights we've gained for Sprint #2 across April/June 2024.

1. Standards Approach to Data Product Discovery

In our pursuit of maximizing the value of data for organizations, we recognized the importance of a standardized approach to data product discovery. We've crafted an initial framework that streamlines the process of identifying, defining, and prioritizing data products that align with an organizations business objectives.

This standardized approach ensures clarity and consistency across teams, enabling you to effectively leverage your data assets to drive innovation and create actionable insights. By establishing clear criteria and guidelines for evaluating potential data products, the Data Value Toolkit can empower your teams to make informed decisions that contribute to your overarching intangible assets and data strategies.

For Sprint 2 (April – June 2024), we will be finalizing this approach into the initial Discovery Phase of the Data Value Toolkit, ready for validation with our beta clients early Sprint #3.

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Photo by Mika Baumeister / Unsplash

2. Two Models of Execution: Data Product Portfolio vs. Data Spaces

One of the key insights from this first sprint was the realization that there is no one-size-fits-all approach to executing data value initiatives across both public and private sectors. To accommodate these stakeholders’ varying needs, we explored two distinct models of execution for the Unlock Phase of the toolkit: the data product portfolio and data spaces.

  • The Data Product Portfolio model emphasizes a structured approach to managing data products as individual assets, each with its own set of users, lifecycle and value proposition. For commercial organizations, this model provides clarity and accountability, enabling them to track the performance of each data product and prioritize investments and resource allocation accordingly via individual data product roadmaps.
  • On the other hand, for public sector using a Data Spaces model takes a more fluid and interconnected approach, focusing on creating environments where data can be easily accessed, shared, and leveraged across different projects, different agencies, and different collaborative initiatives. This model is used by the Data Value Toolkit partner TrustRelay in Europe to foster collaboration and flexibility, allowing all stakeholders to adapt to evolving requirements and unlock value using a joined-up approach.

By understanding the strengths and trade-offs of each model, we have gained insights that have helped tailor our approach to the specific needs of both private and public sectors, ultimately maximizing the impact of future Data Value Toolkit initiatives.

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Photo by Claudio Schwarz / Unsplash

3. A Pragmatic Approach to Data Governance

Finally, our sprint identified the need for a pragmatic approach to data governance that prioritizes value creation without sacrificing compliance or security. Across the sprint we recognize that traditional approaches to data governance can often be perceived as overly restrictive and bureaucratic, stifling innovation, and hindering agility.

To address this challenge, we have crafted into Sprint #2 the design of a pragmatic framework that emphasizes the importance of striking the right balance between control and empowerment. Instead of focusing solely on enforcing rules and regulations, we want to ensure that the Data Value Toolkit creates an environment where data governance serves as an enabler of value creation via Data Value Portfolios and/or Data Spaces.

This means shifting the focus from merely mitigating risks to actively unlocking opportunities. By empowering data stewards and champions across the organization, the Data Value Toolkit will foster a culture of responsible data discovery, usage and experimentation, where everyone feels empowered to contribute to collective success.

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Photo by Marc-Olivier Jodoin / Unsplash

This first 90-day sprint for 2024 with the Data Value Toolkit has been an insightful journey, enabling us to refine our approach to data product discovery, exploring innovative models of execution, and develop a pragmatic strategy for data governance focused on value creation.

Looking forward to the outcomes from Sprint #2 as we continue our data-driven innovation journey, and excited to build upon these foundations and to accelerate the value of data for organizations and positive impacts of data for economies, the environment and society.

Malcolm Fraser. Design Lead – The Data Value Toolkit