Data is created as a result of digital activity generated by living, non-living physical or digital assets. Data creates a digital replica of the real thing that will last forever. In today’s connected digital ecosystem, data can be collated, analyzed and syndicated to generate more insights. It’s the same data that has the potential to create new insights for various stakeholders through data enrichment.
However, there is a cost associated to collect, connect, curate, store, protect and disseminate data. Calculating the value of the data is something every organization must do to ensure the future growth of the organization. In the near future, with increased regulations, data valuation may not be optional and organizations will be mandated to put a monetary value on their data.