Big data is becoming an increasingly important asset to businesses of all sizes. The growing ubiquity of digital technology in all business processes provides companies with the opportunity to collect a large volume of data—but determining the value of the data your business collects or how to monetize it can be difficult.
Successful data-driven organizations typically define the value of the data they collect based on the applications and use cases presented by data itself. Using traditional accounting frameworks to define value collected data is problematic. That's why VC firms, board members, financial analysts, and board members expect data-driven startups and businesses to define the value of data assets based on opportunity, bottom-line improvement, top-line growth, and risk-of-loss.
Whether you’re currently composing an investor deck, assessing business assets for insurance purposes, or creating a financial forecast, determining the value of your data assets is essential. How can you calculate how much your data is worth, and how can it be monetized?
Determining the value of your data
There are a number of different models that can be used to determine the value of the data your business collects. The value of data can be determined based on the cost incurred by replacing it should ...
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