Unlocking The Full Potential of Enterprise Data
also facilitates the scaling of knowledge across the enterprise and its ecosystem 9 . In this feedback loop dynamic , increased availability of rich and granular enhances the speed and quality of transformation , which in turn generates even more valuable data .
2 ENTERPRISE DATA ASSETS
The adage that “ data is the new oil ” remains prescient and valid and should apply to both ITbased business data and OT-based operational data 10 in industry . In digital enterprises , the ability to capture , produce , consume , process , store , and protect data , extract insight from it , exchange it with ecosystem partners , migrate it to other systems and other custodians , and eventually dispose of it when it is no longer needed 11 is critical .
These capabilities are essential for the operation and well-being of enterprises and their ability to create and deliver new value to the market and stakeholders . Therefore , enterprise data should be managed as a critical and valuable resource and asset � .
2.1 ENTERPRISE DATA AS VALUABLE ASSETS
Section 1.2 discussed the notion that data is a critical resource and a major byproduct of digital transformation and digital enterprises , driving processes and the overall business of the enterprise . In a growing number of organizations , data is collected , cleansed , integrated and repackaged to be sold to partners in the ecosystem 12 .
The Conceptual Framework for Financial Reporting publication 13 offers the following definition of an asset : It is a present economic resource controlled by the entity as a result of past events , and where the economic resource is a right that has the potential to produce economic benefits . With the rise of internet-enabled Operational Technology ( OT ) systems and the growing role these systems play in enabling operational efficiency , competitiveness , and value delivery , there is no reason to question the notion that data produced by these systems can also be enterprise data assets . For example , many modern OEMs regularly receive operational data from the IoTenabled equipment they sell to customers and use this data to improve product design , performance , reliability , durability , serviceability and circularity .
Figure 2-1 breaks down the data value into four main areas .
9 https :// hbr . org / 2021 / 11 / the-essential-components-of-digital-transformation
10
Example : digital twin and IoT data .
11
End of Life ( EoL )
12
Smart Cities : Connectivity and Data Trend Report 2023 https :// www . smartcitiesworld . net / trendreports / connectivity-and-data-trend-report-2023-v1
13 https :// www . ifrs . org / content / dam / ifrs / publications / pdf-standards / english / 2021 / issued / parta / conceptual-framework-for-financial-reporting . pdf
Journal of Innovation 37