New technology comes and goes. But CFOs and their need to see tangible ROI is forever.
This imperative brings to mind Sun Tsu, who in The Art of War advised, “The wise warrior avoids the battle.”
When you bring the business case for your new data exchange platform purchase to your CFO, you can avoid a battle by being well-armed with tangible business benefits and well-supported by other executives in your firm.
In this blog, we will provide multiple data exchange application benefits you can use to build an airtight business case and ROI. And we show how your CDO, data engineers, product managers, CISO, and more stand to gain from your data exchange implementation.
Data exchange platform benefits at a glance
Your data exchange implementation will provide multiple benefits you can use in your ROI calculations.
- Deliver more business impact sooner: Whatever your data-sharing objective, you will achieve it faster with a data exchange application. Shorten the time between contractual agreement and implementation, onboard new organizations and feeds faster, and revise and renew contracts as quickly as your business changes.
- Save money via optimized data sharing processes: Automate more data exchange requirements, create consistency and scale across organizations and feeds, and avoid failure to deliver, privacy, and consent penalties.
- Build stronger relationships where everyone wins: Collaborate professionally within your organization and across organizational boundaries, act transparently and deliver on your promises, and become easier to do business with.
Roles that gain from data exchange applications
Data exchanges deliver significant value to multiple department leaders. Get them on board as you advocate for change.
- Product Managers: Your Product Managers can deliver your data-enabled products and services faster and reduce delivery and technology risks through automation driven by data-sharing agreements.
- Chief Data Officers: Your Chief Data Officer and data engineering staff can ensure data is exchanged across enterprise boundaries properly and be changed efficiently when your business needs change.
- Chief Information Security Officers: Your CISO can provide robust security for data feeds beyond simple FTP and manual controls and gain visibility over every feed, so you always know what is going where.
- Privacy Lead: Your Data Privacy Leader can ensure you comply with GDPR, CCPA, and other privacy legislation, closing the loop between agreements and technical implementation.
Your Data Exchange Platform Opportunity Awaits
As you can see, there are many potential benefits and even more potential supporters.
To get started on your journey to realizing these benefits, reach out to Eightwire.
We can start with an Introduction to Cross-enterprise Data Exchanges, followed by an Opportunity Assessment that will consider your current data exchange opportunities, challenges, methods, and technologies.
Next is a Proof of Concept to demonstrate the Eightwire Data Exchange application at work in your environment, followed by a Business Case that shows your ROI.
Once you decide to proceed, your benefits will quickly follow.