- 67% of technology buyers lack the knowledge or tools to build business cases (IDC)
- This missing skill can delay (or kill) approval of high-business-ROI solutions like modern Master Data Management (MDM)
- A Forrester Consulting Total Economic Impact (TEI) study demonstrates a 643% three-year return for the Tamr Cloud-Native MDM Platform
- A new Business ROI toolkit rooted in the TEI technology accelerates business-case development and management approval
You’re thinking about upgrading your master data management (MDM) to drastically improve the value of your customer data. You’re convinced an investment in modern customer mastering is a smart choice to drive fresh value to the business. But how do you show senior management this investment is worthwhile and deserves budget? And how can you make sure you can deliver on your proposal?
If you’re asking these questions, you’re not alone.
According to Gartner, the number one reason Master Data Management (MDM) projects fail is the lack of a structured framework to qualify and quantify data management value creation. Yet, the business-case building remains an elusive skill among project leaders.
Recognizing this dilemma, Tamr created a two-step toolkit for enterprises desiring to modernize MDM. It includes:
- A free business ROI calculator lets you compare your project to successful modern MDM project experiences, giving you projected hard-dollar business benefits.
- A structured, four-part business ROI optimization system generates an ROI-driven plan highly specific to your project, with projected returns.
When used together, these two steps can provide the ammunition you need to deliver a compelling, defensible MDM business case to senior management. It’s easy to get started.
Step 1: Use Our Free ROI Calculator
Tamr commissioned Forrester Consulting to conduct a Total Economic Impact™ study. The study examined the potential ROI enterprises may realize by deploying the Tamr Cloud-Native Master Data Management Platform on customer data, a frequent target for MDM modernization.
Forrester interviewed financial services companies, retailers, manufacturing and media companies that have deployed the Tamr solution. Benefits for a composite organization based on interviewed customers included:
- 643% three-year return on investment
- $8.8M in total benefits
- $2.1M in increased profit due to access to high-quality customer data
The free business ROI calculator uses the same TEI framework to evaluate the potential financial impact on your organization. By dynamically changing the values in the Calculator, you’ll get the potential ROI you may realize.
To understand the methodology behind the Forrester TEI study, download the full report. The TEI study also includes individual comments, experiences, and trend analysis of Tamr MDM customers interviewed by Forrester.
Are you encouraged by the results of your business ROI calculation?
Next, contact us to get a more detailed assessment of exactly how much value you can realize by deploying the Tamr Cloud-Native MDM Platform.
Step 2: Business ROI Optimization
Our Business ROI Optimization system will help you create a detailed and defensible business case for your organization. The business case defines the outcomes, clarifies success metrics, and measures values realized by potential savings and/or improvements in your operational efficiencies.
A four-step, time-tested process simplifies and accelerates the process of making an acceptable business case.
1. Focus & Strategic Alignment — to clarify the business value
According to Gartner, 63% of MDM projects never go beyond piloting and experimentation because they confuse the what/how with the why. The “why” is a vital first step.
Tamr works with our customers to align and agree on value assessment objectives, starting with the “why” of the data projects and an understanding of the company’s strategy. We then focus on the “what” and “how” by identifying likely drivers of value to further investigate.
2. Stakeholder Interviews — to prioritize resources
Tamr interviews each stakeholder from both business and technology teams to capture enterprise challenges and opportunities. Vertical and domain experts facilitate the building of targeted business cases. The focus is on your use cases (current and future) and potential solutions. We’ll also start thinking about TCO modeling to establish some baseline cost assumptions. Tamr’s working team will collaborate with you throughout the process to review and validate results.
3. Preliminary Reviews — to evaluate KPIs
Tamr will review initial findings with the project working team and iterate the analysis on the solutions to ensure findings are accurate and defensible. This process will involve business and technology teams affected by the data management challenges, as well as those responsible for defining and/or approving a budget for a new technology investment.
4. Executive Findings Review — to quantify the ROI
Tamr will conduct a final review of findings with our executive sponsor(s). We’ll then deliver a formal presentation to key personnel and executives that captures the benefits of implementing a new solution, the projected cost-benefits analysis and ROI, and the targeted business outcomes and value map. The whole group then agrees on an implementation plan that can achieve the proposed business objectives.
If you’re ready to step up to the plate and deliver the winning modernizing MDM pitch to senior management, try out the ROI calculator. Then contact us for a customized plan based on your unique needs.