Article

Pauliina Jamsa
Pauliina Jamsa 12 April 2016

Data May Be the Most Valuable Asset Your Company Has

Big data is one of the buzzwords at the moment - but what makes it so valuable for companies? How can you monetise the data?

I was glad to be selected as one of the 40 Women in Tech to participate in Enterconf in Belfast last June. One of the most interesting presentations was “The Economic Value of Data” by Steve Todd, VP of strategy and innovation, at EMC.

According to CapGemini EMC Big Data report, 63% of the respondents considered that the monetization of the data could eventually become as valuable to their organisations as their existing products and services.  This is not so far off the truth – data may indeed become the most valuable asset your company has.

Let’s take Caesar’s Palace in Las Vegas, for example. The most valuable asset in the bankruptcy evaluation was not Caesars Entertainment group’s physical resort or the land they owned. It was the data. Their customer loyalty program with 45 million members has been valued at 1 billion dollars by creditors.

Every business is now a digital business

With the emerging disruptive and connected technologies, every business is now a digital business. It doesn’t matter whether you are a car company, mobile manufacturer or supermarket chain – everything is becoming connected and each business has some unique data that another company can combine with their own and cash on.

You can build a highly detailed database with users’ contact details, age and gender as well as their buying behaviour and patterns, interests and habits. Collection and analysis of this data is not beneficial merely because you can exploit it in your company. It can become a saleable service on its own right.

Put data in the heart of your business

Data value has to become part of your company and IT strategy and it needs to be in the heart of any plans and decisions you make. Make sure to create valuation policies, align your IT resources and data value, ensure employees from top to bottom understand the value of data collection, and provide tools and services to make the change happen.

Naturally, once you have your highly valuable database, privacy and security become a real issue. It's essential to protect and insure it, especially if your data is evaluated to be the most valuable asset you have.

Embrace the change

The world is changing and as Uber, AirBnB and Facebook have demonstrated, physical assets are becoming less and less essential in business. If you stick to the old ways and fight against the revolution, lobbying and laws can protect your business only for so long.

You may not want to embrace the change, but can you afford not to?

Watch the vlog:

Please login or register to add a comment.

Contribute Now!

Loving our articles? Do you have an insightful post that you want to shout about? Well, you've come to the right place! We are always looking for fresh Doughnuts to be a part of our community.

Popular Articles

See all
Digital Marketing Vs. Traditional Marketing: Which One Is Better?

Digital Marketing Vs. Traditional Marketing: Which One Is Better?

What's the difference between digital marketing and traditional marketing, and why does it matter? The answers may surprise you.

Julie Cave
Julie Cave 14 July 2016
Read more
14 Amazing Examples Of Brands Killing It With Facebook Ads

14 Amazing Examples Of Brands Killing It With Facebook Ads

How do you design the perfect Facebook ad that converts? A lot of people will start throwing money at Facebook, but not see any success. This comes either because they don’t have a proper strategy for their Facebook ads or their ads are not well designed. But for those brands which have a good strategy and work hard to test and refine their advertising, Facebook ads can generate huge profits. And we’ve found 14 of such examples.

Luisana Cartay
Luisana Cartay 11 December 2017
Read more
Top 10 B2B Platforms to Help your Business Grow Worldwide

Top 10 B2B Platforms to Help your Business Grow Worldwide

Although the trend of a Business to Business portal is not new but the evolution of technology has indeed changed the way they function. Additional digital trading features and branding has taken the place of traditional outreach methods to get in touch with targeted buyers or sellers.Here are some of the best and fastest growing global B2B platforms that are helping thousands of businesses in the world to grow and reach their international and local clients.

Salman Sharif
Salman Sharif 7 July 2017
Read more
4 Important Digital Marketing Channels You Should Know About

4 Important Digital Marketing Channels You Should Know About

It goes without saying that a company can't do without digital marketing in today's world.

Digital Doughnut Contributor
Digital Doughnut Contributor 5 November 2014
Read more
Collection Of The Best Email Testing Tools Online

Collection Of The Best Email Testing Tools Online

Don’t be afraid of email testing. There are many free or freemium tools online that can help you with testing your SPAM score, deliverability and even the rendering of your email. We feature 30 email testing tools in this article. Check out the complete list!

Roland Pokornyik
Roland Pokornyik 31 October 2016
Read more