Information is useful and useable data. During a typical working day, a business hopes to close with more valuable information than it started with. The broader goal(s) is to better understand “this” in order to achieve “that” – whatever this and that may be for your business!
Regardless, digitization creates meaningful and modular data chunks that enable information exchange to take place anytime, anywhere, by anyone. Data literally moves at the speed of light. That’s how digital business is conducted today. Always on platform businesses – Amazon, Apple, Facebook, Google, Spotify, Uber – never close.
Three important data questions
90% of company assets on the balance sheet today are intangible. Let that sink in – 90%! Digital businesses place a lot of value on insights, information, intelligence, and IP. This requires digital businesses to really deeply understand the data they manage.
So start by asking:
- What data have you got?
- What format is your data in?
- What data can you access to augment your data?
Simple questions that have a difficult path to the answers. However, these answers are critical to your future business success. The bigger the company, the greater the challenge. When talking about data management in the broader sense, do you have answers to these three simple questions?
