Data is the lifeblood of today’s digital economy. To understand data’s full value, it must be managed, governed, understood and measured — yet studies show that few organizations make the effort to do so.
If you don’t know data’s value, it’s difficult to determine the dollar amount needed to acquire, manage, maintain and protect your data — and the people, processes and technology required to support data, too.
Businesses value their inventory, payables and receivables as assets. We champion the idea that the value of data should be on the balance sheet, as well.
How to Measure Data Infographic
Our Founder and CEO, Kelle O’Neal, has written about measuring data before in Quantify the Value and Meaning of Data and How to Measure Data as an Enterprise Asset. You’ll find compelling reasons and approaches for measuring data and two general philosophies for doing so:
- The actual value (for example, what the data is worth if you sold it in the market or the impact to the company if the data needed to be replaced)
- The value the data provides to the company, a business process or another asset (for example, your organization’s brand)