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The value of data

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What makes data valuable?

Good Information Governance practice will see your organisation being able to benefit from consumer trust, engage the new customers and business partners you want and obtain the personal data you need to offer your services in efficient and profitable ways.

Customers are loyal when you’re trusted and offer services which meet their needs. The right information governance and data strategies enable you to retain the data you need to develop your business.

Valuable, good quality datasets provide the business intelligence you need to develop new and better data driven services built in privacy friendly ways helping you engage more customers.

Many organisations don't really know what their data is actually worth. Most fail to understand the drivers which determine its real value. This means they miss out on competitive advantages and value which a well formed Information Governance and Data strategy can provide.
Where does value come from

9 key drivers to the value of your data

Exclusivity
Timeliness
Accuracy
Completeness
Consistency
Usage Restrictions
Risks & Liabilities
Insight
Availability
Protect the value of your data

Three things to get right

01 — Governance & Data Protection compliance

Lawful rights to data

A key driver of the value of your data is that your organisation must have the lawful right to use the data in a way which is compliant with applicable laws and your contractual obligations.

Any potential risks associated with your collection and use of personal data – including those posed by third parties you share data with – will reduce its value.

02 — Application Integration

Data quality & efficiency

Data quality (completeness, accuracy, consistency and timeliness) determines the extent to which your organisation will be able to derive economic benefit from your data.

Key to this is creating ‘single versions of the truth’ and providing your teams with the right, integrated tools to ensure data quality is maintained with minimal effort e.g. by reducing dual keying and the proliferation of informal, ‘shadow IT’ data collection and storage tools such as spreadsheets.

03 — Reporting & Analytics

Data driven decisions

It is not enough to collect data. It needs to be the right data, measured in understandable and usable ways.

It needs to help your management make timely and informed business decisions. Decisions based on facts and analysis of history and likely future trends.

Key to this is deciding what you need to focus on and measure, agreeing metrics and ensuring tools and models are in place to produce timely reporting and analytics.

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