Valuing and protecting data as an asset

Valuing and protecting data as an asset is a cornerstone in the context of data stewardship. In the digital era, information is not just a by-product of operations, but rather, a vital asset that can drive growth, innovation, and competitive advantage. However, just like any other asset, data needs to be accurately valued and effectively protected to yield its maximum potential. A data steward is key in valuing and safeguarding data as an asset. They validate data quality, manage metadata, enforce data security, and set data governance rules. Consider an e-commerce firm that uses customer data for personalized marketing. If this data is flawed, the campaign could fail, causing lost sales. But with the data steward ensuring data accuracy, it becomes a valuable asset that enhances revenue growth. Similarly, in the health sector, inaccurate patient data can lead to serious medical errors, but with effective stewardship, it can enhance care quality...