by Greg Ursetta
Why would I want to put a value on my data? Think of data as an asset; Companies deploy assets to create value for different stakeholders. They also invest in assets to make them fit for purpose and, at any point in time, they have to consider which assets are worth investing in. You can think of this as the data value/data valuation cycle. You have to assess and understand what data you have (Data Assessment). You have to put a value on this data (Data Valuation) so you can recognize the value of data, treat it with respect inside your organization and work out how to make it more valuable. From this, you then have to invest (data investment) to make sure your data is fit for purpose. You have to ensure you have good Governance in place, an appropriate data strategy, standards, systems and procedures to ensure you achieve good Data Quality.
Once you have good data you can start to use it (Data Utilization). This is centered around identifying how you can use data to create value for you and your stakeholders. This may be through better operations. It may be through more efficient delivery of products and services. It may be by using the data to generate new and meaningful insights that are, in themselves, valuable. Then you can create data value–by acting upon these insights. Finally, you have to review what you have learnt (Data Reflection), asking yourself, what have we learned from applying our data? How could we do this better in the future? Are there new and different datasets we need to access?
This cycle is endless–you oscillate between the data valuation and data value phases. But the start of the Data Monetization cycle is Data Valuation, something that has been spoken about for many years, but no one has been able to properly implement and that is partly why so many Data Initiatives fail.
That is until now! Information Asset has completed the development of a rigorous methodology for valuing data and worked with Eight Fortune 500 organizations to implement it.
Contact us at info@informationasset.com for a free Data Monetization Workshop.