Currently, Data is growing massively, it is more of a combinatorial growth not just exponential or linear growth. How organisations treat their data is how they make the best out of it. Throughout the years, I have been involved in so many data projects whether through my work, volunteering or research. One of the things that stood out for me was how organisations think about their data. The “Data as a problem” vs. “Data as an asset” mindset.
Data as a problem: this is usually when companies think their data is an issue, it is not robust, it needs governance and they are overwhelmed with making the best out of it.
Data as an asset: this is when companies start to think about how to put £ value to the data. They look into improving robustness, having better governance and kicking off quick-win projects to be able to drive the Data as an asset mindset. A step in the right direction is an investment to increase the £ value of data.
Both mindsets look into similar challenges like robustness, governance and more. The approach towards that makes a lot of a difference as Data as an asset encourages the business to work collaboratively to achieve more. If you have a valuable asset, you will make sure to maintain it and have it working so it holds its value.
Are you treating your data as an asset? How are you valuing your data? Would love to hear thoughts on Data valuation!
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