Exploring the Business Value of Data

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In a recent article for Information Management, Alex Bakker of Saugatuck Technology noted that there have been many business announcements lately that have to do with the cloud, big data and analytics. Bakker then proceeded to elaborate on the idea of placing a business value on data.

“Despite the hype and interest, and the search for knowledge about the topic, few yet have any good feel or understanding of what the value of Big Data analytics, integration and management will be to their business,” Bakker wrote. “That’s because very few user enterprise of any type really understand what the value of data actually is or can be to their businesses. But what is even less understood, though probably is much greater for the enterprise, is the value of data management.”

Bakker said one thing to keep in mind is that the business value of data tends to increase the more it is used. This means that the data that is the most valuable to a given company with be that which is used for several different business aspects.

Bakker also noted that this is a simple concept, and it is not complicated to highlight data points that serve multiple purposes within an enterprise. In fact, many businesses can visualize what type of data holds the most value by using database software to plot data points, and Bakker explained that this is usually done in a linear fashion, making the data even easier to comprehend.

Writing for the Gartner blog, Andrew White reflected on Bakker’s piece, noting that his point about data value increasing the more it is used was interesting and self evident. If the same data from a business’ online database is able to be reused, its value as a reusable asset increases as well as the need to govern, secure and account for it, White said.

 

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