Data is a business asset beyond imagination – here is why (and where)
It has almost become embarrasing to say that data is a business asset and should be treated as one (the same goes for information).
The ‘data is an asset’ or a ‘data is a business asset’ message is not new. It goes back over two decades. However, despite the fact that so many people have said it so often before, we still see that there is a difference between preach and practice.
It’s not that organizations fail to understand the importance of data, information and actionable intelligence (well, some do) in the age of big data. It’s mainly that many businesses don’t fully grasp how much of a business asset data really is.
Why is the ‘data is a business asset’ message back – with a vengeance?
There are obviously reasons why the message that data is a business asset gets repeated since more than 20 years.
One of the reasons is that each time when the statement was made in the last two decades it came from another angle or in a different context. And, today, again we read the message practically each day again (and spread it too).
Why this increasing attention for data as an asset now and why does it seem as if some “discover” it for the first time?
On top of the fact that many businesses undervalue data and information or aren’t able to leverage it – and thus analysts, vendors and others keep repeating the message – there is a societal and technology context. We cover several reasons why ‘data is an asset’ is back, more than ever, below.
Big data – and mainly unstructured data
Big data – as a phenomenon – and the rapidly growing volume and variety of data in general, as well as the challenges and opportunities they bring along, are huge.
They are huge in terms of volume but also in terms of challenges and possibilities. And here especially unstructured data sticks out. We’re not just meaning the sheer numbers. We’re meaning variety, velocity, value and purpose in the first place.
The Internet of Things data reality
The increasing maturity is also felt with regard to the standards, the offerings and the IoT connectivity solutions. While the majority of media attention goes to the Internet of Things in a context of consumer electronics applications (because that is more attractive to readers), the “real” Internet of Things applications exist and work very well since quite some time. There are ample IoT application cases out there.
Here is a truth though: the majority of today’s Internet of Things applications (and, again, not in the consumer electronics space) are relatively rudimentary. This doesn’t mean that they are primitive but that in many cases they don’t require that much data. It’s the reason why LPWAN (Low-Powered Wide Area) connectivity standards such as LoRa/LoRaWAN, NB-IOT, Sigfox and many more are doing well. The real “Internet of Things data deluge” still has to come.
It has almost become embarrasing to say that data is a business asset and should be treated as one (the same goes for information). The ‘data is an asset’ or a ‘data is a business asset’ message is not new. It goes back over two decades.
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