Introduction

The importance of data has changed over the years. As the volume, variety, and velocity of the data grew over the past few years, the economic value of data has been transformed by the big data phenomenon^{[citation 1]} that has enabled organizations to capture a broader, more granular, and more real-time range of customer, product, operational, and market interactions. Today, business leaders see data as a monetization opportunity, and their organizations are embracing data and analytics as the intellectual capital of the modern organization.

More and more companies are also contemplating the organizational and business challenges of accounting for data as a "corporate asset."

Data as an asset exhibits unusual characteristics when compared to other balance sheet assets. Most assets depreciate with usage. However, data appreciates or gains more value with usage; that is, the more the organization uses the data across more use cases, the more valuable,...