EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.
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EY Trust Value framework for data
From assessing data maturity to maximizing the trust and value derived from data assets, we guide organizations through the transformation of their data capabilities. Implementing EY Trust Value (EYTV) framework enables businesses to navigate the complexities of a data-driven future and unlock greater value from their data investments.
What EY can do for you
The rise of big data and analytics has revolutionized the way organizations approach decision-making and strategy. It has dismantled traditional approaches to data management, creating new opportunities for insights and value creation. In an era where data is a critical asset, we empower businesses to establish a foundation of trust in their data, promoting its accuracy, security and reliability.
Leveraging our extensive knowledge in data management, we assist organizations in traversing the spectrum of data maturity — from unstructured data swamps to becoming a north star entity that exemplifies data excellence. The EY Trust Value (EYTV) framework is instrumental in helping organizations understand their current data maturity and explore options for advancing toward higher trust and generating value from data. Organizations can be categorized into four quadrants within this framework:
- Swamp: Organizations do not have the necessary operating model in place for data, and data is not being used to generate any competitive advantage.
- Scatter gun: Organizations recognize the value of data but lack the necessary data maturity systems. They exert extensive effort to generate value from data.
- Calm waters: Organizations have invested substantial time and effort to establish a robust data management framework but are not yet focused on realizing value from data.
- North star: Organizations have achieved optimal data maturity and are generating appropriate value from data.
Organizations seeking to understand their current data maturity and define their target state can utilize the EY Data Maturity Pulse framework. All 15 domains of pulse frameworkcan be classified based on the level of impact on trust and value, on a scale of one to five. Organizations can then assess their maturity score for a particular domain to define their current and target state.
There are various options available for an organization to transition from its current state to the desired state. Some organizations prefer to first focus on trust, then look at generating value, adopting what is known as a defensive data strategy. Others prioritize the value aspect while also improving trust, following an offensive data strategy.
We enable companies to align their data strategy with business objectives, so every piece of data is a step toward achieving their goals. Forbes reports that organizations that effectively integrate data into their operations are 70% more likely to improve operational efficiency, demonstrating the tangible benefits of a well-executed data strategy.
We support our clients throughout their data journey, from initial strategy to the execution of advanced analytics, helping them to realize the full potential of their data assets. With the right approach, organizations can navigate from any starting point to achieve optimal data maturity and generate appropriate value from their data.
These are the key strategic questions that our clients frequently ask:
- How can we initiate a foundational data strategy?
- What immediate steps are required for basic data governance?
- What systems and processes are needed for a sustainable data approach?
- How can existing efforts be streamlined for better impact?
- How can we align data capabilities with business outcomes?
- What steps can we take to break down silos and encourage data utilization?
- How can we maintain and scale our data-driven advantages?
- What innovations can we explore to stay ahead of competitors?
And we can help to answer them through:
- Data maturity assessment: EYTV offers a strategic tool to evaluate an organization's current data maturity, helping to understand the existing data management landscape.
- Trust enhancement: The framework identifies methods to enhance trust in data, promoting its accuracy, security and reliability.
- Value generation: EYTV outlines the steps to maximize the value derived from data, transforming it into a key driver of business success.
- Roadmap development: The framework offers a roadmap for organizations to enhance their competitive advantage by guiding them from their current state to their desired future state.