Data as an asset is not a new idea, but more and more organizations are recognizing how critical data is totheir present and future success. Many are starting to embrace the idea that data should be treated as another form of capital, just like human capital, financial capital, or intellectual capital.
Optimizing data capital is essential for businesses to survive and thrive in the digital age and reinvent theirbusinesses to be more data-driven enterprises. It forces CEOs to be more strategic about acquiring, growing, refining, safeguarding, and deploying their data as they would be for other forms of enterprise capital.
The way companies have traditionally operated their organizations data is human-led and not easily scalable. This is where artificial intelligence (AI) comes into play. AI increases scale in data capital management—lowering costs while improving the quality of overall investments in data and AI.
Data must be high-quality, trusted, easy-to-use, and secure to maximize its use as an asset and minimize its potential liability. Data capital management requires strength in the following areas: