Unlocking the Value of Data: A Conversation with Taylor Culver

In this episode, we sit down with Taylor Culver, the founder of Zeno Data, to explore the importance of value and return on investment (ROI) in data projects. Taylor shares valuable insights on how data drives value for businesses and the challenges data leaders face in quantifying and communicating that value.

The Power of Data-Driven Value

According to Taylor, data has the potential to create value for businesses in multiple ways. It can lead to revenue creation, risk reduction, productivity improvements, and economic cost savings. However, he notes that value is perceived, and data leaders need to understand how to harness data to drive tangible benefits.

The Elusive ROI

While ROI is a commonly used measure of return on investment, Taylor highlights that data leaders are rarely held accountable to ROI. This is because measuring ROI in data projects can be challenging, and often, the necessary commitment to budgeting for it is lacking. Instead, executives tend to focus on innovation and the perception of being innovative, which can positively impact a company's enterprise value and share price.

Enabling Productivity, Efficiency, and Innovation

To deliver value and improve profitability, Taylor suggests that data leaders should focus on enabling the business to be more productive, efficient, and innovative. By working closely with finance, they can quantify the benefits of data projects and align them with the budget. However, Taylor acknowledges that the role of a data leader is complex, requiring them to navigate intricate relationships and effectively communicate the value of data to different stakeholders.

Simplifying the Conversation

The data community often uses complex language and buzzwords that can confuse stakeholders. Taylor emphasizes the need to simplify the conversation and focus on how data can drive profitability and improve operational efficiency. By cutting through the jargon, data leaders can effectively demonstrate the value of data to the business.

In this thought-provoking episode, Taylor Culver provides valuable insights into the importance of value and ROI in data projects. He encourages data leaders to prioritize delivering value and improving profitability, rather than getting caught up in the complexities of data evaluation and monetization.

In Episode 31 of Season 3, of Driven by Data: The Podcast, Kyle Winterbottom is joined by Taylor Culver, Founder of XenoData, where they discuss how Data Leaders can deliverable measurable value from their data strategy, which includes;

• Why ROI is a 'nice to have' for company executives, not a priority
• Innovation is what company execs and shareholders care about the most
• Finance leaders don’t measure impact on ROI, but IRR
• Organisations will happily spend on capex but not an opex, and what that means for Data Leaders
• Why culture and literacy aren’t the magic bullet, but good leadership is
• Data isn’t an asset, and if it was, why it wouldn’t be a good asset to have
• Why Data Leaders need to focus on adding the enterprise value of a firm
• If you’re being held accountable for ROI as a Data Leader then you’re already on the way out!
• Why Data Leaders already have everything they need to be successful
• The relationship between “value” and “ROI”
• Why innovation is what company execs and shareholders care about the most
• Why intangible value is far greater than the ROI you’ll generate
• Why finance leaders don’t measure impact on ROI, but IRR
• How data leaders can quantify their impact
• The importance of language
• Calculating the financial impact of data initiatives
• The differences between quantifying tangible and intangible benefits
• How ROI merely makes you more credible as a Data Leader
• Why organisations keep investing capital into data initiatives