Why bother putting a dollar value on data? In our 2021 research, we found that every single respondent agreed with the statement that "data is an enterprise asset". However, a large proportion of firms were only viewing data in terms of the costs to store or purchase it. Imagine a business where their financial reports only ever displayed their costs:
- You'd have a list of inventory, materials and property that had been purchased by no revenue to show for it
- There'd be a large line-item for staff salaries, but you wouldn't have any sales
- Even if they disposed of these assets, they wouldn't record any value from doing so
No one would invest in such a firm. And no one will invest in your data project if you keep reporting it as yet another cost. Let's change that. Let's start to place a dollar value on the work we're doing and really treat data as an enterprise asset.