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Generating value with the data you have is synonymous with optimizing the “data value chain.” This concept of a value chain alludes to a process of transforming data into information and then converting it into business insights for making decisions and designing strategies.
Data has a number of characteristics that make it a valuable asset:
- It is highly reusable: Generated once, it can be reused multiple times for a variety of uses: information analysis by business analysts, analytical models, etc.
- It is everywhere: It can be in many places at once. Data or information can be accessed by any consumer.
- It is easily replicable: Data copying is simple. Additionally, techniques such as virtualization or federation help to access and create structures in a logical way.
- It is easily transmitted instantaneously: Not only fine-grained information through ETL (extract, transform and load) processes but transmission methods range from simple mail to data portals.
- It is not considered an asset from the accounting point of view, although it may indirectly appear as goodwill in corporate operations. The accounting standards of the IAS do not consider it a tangible asset today.
- It is not subject to tax when it is transferred. Sending or receiving information is not taxable unless there is a payment involved. For example, companies selling databases.
- It has exponential benefits. The uses of information are so extensive and transversal to the entire organization that its benefits are not only in the case of sales but in the improvement of decision-making throughout the organization and in all business models.
One must understand the evolution of the data world: from a linear value chain to a multidimensional ecosystem of information. The first publication in The Value of Data series gives you the keys to orient your data strategy towards value generation. ↓
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