The Data Forecast is a new column that is worth following, hosted on The Data Administration Newsletter website. The Data Forecast will explore how innovations are changing the world around us, and how data drives so much of it. We will look at cloud technologies, which are upending old paradigms. We will also observe history repeating itself and realize that the fundamental challenges are nothing new; it is simply the context that has changed.
The value of data is simple: it is what a business does with a particular data insight versus what it does without that data insight. If data is not driving meaningful, measurable changes in behavior, then it provides at best no value—and at worst—negative value.
There are 3 key ways that this value is measured:
- Increase Top Line Revenue
- Decrease Bottom Line Costs
- Mitigate Risk