Data has been referred to many a valuable thing – gold, oil, power – and though this isn’t wrong, at the end of the day data is classified as an asset. This interesting topic came to us from IT Web in their article, “A successful data strategy is built with the future in mind.

Assets assist organizations to generate revenue, increase business value and facilitate operations, including the day-to-day running of the business. What distinguishes the most successful businesses is that they have developed the ability to manage data as an asset across the whole enterprise.

That ability depends on some supporting elements, such as a strong technical foundation, mechanisms to govern the handling of data and employee accountability for managing data well.

A data strategy is not necessarily easy to create. Some of the key components to building a successful data strategy include understanding what you want to do with the data within your organisation, how you plan to manage it and how you plan to monetize it.

Melody K. Smith

Sponsored by Data Harmony, a unit of Access Innovations, the world leader in indexing and making content findable.