It’s been said that in a digital century, ‘data is the new gold’ and there is no question that data, correctly leveraged, can deliver huge benefits. Over 87 per cent of company value today is now in intangible assets, and data together with brand, software code and confidential information are critical to everyday business.
Customer lists; inventory management systems; purchasing information — all data. In fact many of a company’s most basic functions from invoicing to advertising would grind to a halt without data.
Data analytics promises efficient supply chains, better product design and individualised marketing to name but a few opportunities. For example it has been estimated that each Fortune 1000 company could on average generate an additional $65 million annual net income through a ten per cent increase in data accessibility to its workforce. Whole business models have sprung up around selling data — check out creditkarma.com for example.