Value from data comes in three forms: Increase revenue, Reduce costs and Peace of mind.
Let's take a closer look at the value of having peace of mind:
> Knowing you can trust your data to take decisions.
> Knowing you're not exposed to unnecessary risk.
> Knowing you have your ducks in a row is incredibly valuable, but at the same time hard to quantify.
Look at it through the eyes of a potential acquirer.
If you can show very quickly that you are following up on your business with the right KPI's for your industry and market immediately builds trust. It shows you know what you're doing and you have a reliable dataset to convince the potential buyer that you not only know where you are, but also where you're going.
For example, if you want to steer your organization in a new direction, you want to be sure that the steps you take have the desired results. If you suspect your operations department to be too risk averse, which leads to less production than they should be able to accomplish, more fine grained insights in the different steps along their process can support their planning effort to come up with a tighter budget and a higher volume as a result.
Yes, a good KPI dashboard is hard to build and not cheap, but do you really want to drive blind?