What is a Data Asset?
A Data Asset is a structured, comprehensive and validated database of information which has been built for a specific use case and in response to a problem
Why are Data Assets Important?
- The Lack of Data leads to losses & inefficiencies for businesses
- Valid & comprehensive data is difficult to come by
- Organizations have lots of gaps in their existing Database. They almost never fill them
- Expensive apps, system & platforms and no investment in data
- Tech & Data Departments don't align well with each other
- Banks & FIs suffer frauds due to lack of KYC, monitoring & timely alerts
- Supply Chains, Purchase and Costs are inefficient due to inadequate 360 view
- Enhancing ops and productivity is onerous without relevant data
- Outreach to potential customers is difficult leading to loss of sales
Buiding Data Asset for specific business goals, such that it is created, enhanced, transformed or collated to contribute to sustainable business revenues