Creating Business Value from Data Assets
Data has become an important asset and organizational resource in the digital economy, that it is being regarded as the new fuel or the new raw material of the 21st century. One of the important steps in building the commitment to Strategic Business Intelligence is to be able to demonstrate the value of the data assets. While systematic methods and tools have emerged for assessing and measuring data quality, consensus on standardized methods for the valuation of data assets has continued to be elusive. In general, data quality needs to be examined, planned and managed within a larger Information Management context. Like any other business asset, estimating and ascribing a value to data assets helps organizations to determine the appropriateness of measures for managing and protecting the asset. Benefits Realization Management is a continuous process that includes investment decision-making using cost-benefit analysis, project management, implementation, monitoring and continuous adjustment.