Incorporating Data and Analytics into Corporate Strategy

Recent Gartner research provides some great guidance into the management of data and analytics for companies. It urges companies to go beyond simply declaring that data is an important asset and begin treating it like one. It points out that not only must data be specifically incorporated as an asset but the related competency of data analytics must also be recognized and developed within the enterprise. 

 In one of their reports on this topic, they make the following recommendations:

  • ·   “ Express to executive leadership your intent to manage information as an actual asset, which requires you to measure it as if it is one.
  • ·      Enlist the support of your CFO to develop or adapt established information valuation models, first expressing an understanding that they are not balance sheet assets but that you intend to measure them as if they are.
  • ·      Audit, valuate and communicate the improved (or degraded) potential and actual value of key information assets. And do this periodically. Since information valuation standards do not yet exist, emphasize the change over time rather than the discrete metrics.
  • ·      Apply information valuations to influence culture, priorities, resources and investments in information-related initiatives — and not just those for information management, but also information deployment (such as analytics). And, of course, use these valuations to demonstrate your own performance and success.
  • ·      Experiment with an enterprise strategy for sharing your estimated financial valuations of your information portfolio with investors, partners and potential licensees.”

To obtain and read the report, “Predicts 2019: Data and Analytics Strategy”published 26 November 2018, follow this link.

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