CAN YOU QUANTIFY THE VALUE OF YOUR DATA?

The use of data has evolved. At first data were used to record an event or a state of being for future reference. Now data can serve multiple purposes, such as improving business performance, complying with legal mandates, detecting improper payments, and making wiser choices with regard to business...

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Bibliographic Details
Published in:Cost management 2015-03, Vol.29 (2), p.26
Main Author: Lawton, Jeff
Format: Magazinearticle
Language:English
Subjects:
Asset management
Costs
Decision making
Hypotheses
Management decisions
Metadata
Productivity
Valuation
Working groups
Online Access:Get full text
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Summary:The use of data has evolved. At first data were used to record an event or a state of being for future reference. Now data can serve multiple purposes, such as improving business performance, complying with legal mandates, detecting improper payments, and making wiser choices with regard to business partners and customers. They are getting better at making data sweat , so the intrinsic value of data as an as set is increasing. Yet it is the most poorly managed asset in every organization. According to a study performed by Gartner in 2011, poor data quality was a primary reason for why 40% of all business initiatives failed to achieve their targeted benefits, and data quality can also affect overall labor productivity by as much as 20%. The era of big data and an information-driven economy are exciting times for organizations, and the successful ones will be those that are able to make the best decisions in the shortest time that drive the greatest value at the least cost.