Unlocking The Full Potential of Enterprise Data
complex lung cancer cases or identifying patterns in patient biodata that can help with early disease diagnosis . The value of this data , whether tangible or intangible , is a future value .
Note : A data set can belong to more than one quadrant . For example , the data set may be monetizable today and at the same time it may represent intangible value that can elevate the enterprise value .
The value of enterprise data assets may also have multiple dimensions , namely :
• Transactional value
• Operational Value related to the physical assets , customer or partner that the data is associated with
• Business value
• Legal and compliance value
• Archival value
These value dimensions and their lifecycle tracks are discussed in detail in section 3.2 .
2.2 QUANTIFYING DATA ASSET VALUE
The methodologies and best practices for quantifying the intangible value of data assets are still in their infancy . For example , how do you assess the value of product usage data when it is used to enhance product design in terms of reliability or durability .
At the MIT Information Quality Industry Symposium in 2011 , Doug Laney ( Deloitte ) made a presentation titled “ Infonomics : The Economics of Information and Principles of Information Asset Management ” 15 . Laney continued his infonomics work at Gartner where the term was later defined as “ the emerging discipline of managing and accounting for information with the same or similar rigor and formality as other traditional assets and liabilities ).” The characteristics of “ valuable data ” include utility , scarcity , accuracy , relevance , actionability , and many more .
Since that period , several organizations 16 have conducted research on the subject , with the ultimate goal to develop frameworks and methodologies for quantifying the value of information assets . The focus then was on data related to IT-based business processes . The subject of infonomics for industry data is virtually nonexistent .
2.3 NOT ALL DATA HAVE LASTING VALUE
The value of enterprise data is highly contextual and directly related to the role this data plays in processes and business functions . Value also varies at different stages of the data lifecycle .
15 http :// mitiq . mit . edu / IQIS / Documents / CDOIQS _ 201177 / Papers / 05 _ 01 _ 7A-1 _ Laney . pdf
16
IBM Switzerland , Haute École de Gestion Genève , MIT , Gartner ( Doug Laney ), RSD Geneva ( Stéphane Croisier ), etc .
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