Do you know how valuable your data is? Have you ever considered a data valuation assessment? And why does that even matter?

The valuation of data is an assessment of the importance of each data asset within an organisation’s data landscape (or sometimes referred to as an ecosystem) against specific criteria.

Working with stakeholders from across an organisation, value can be defined through the following categories – prevalence, exclusivity, timeliness, accessibility, and connectedness.

1. Prevalence – How commonly is the data used across the organisation to understand performance and to support decision making?

2. Exclusivity – Is the data exclusively accessible within the organisation or does it have a limited distribution?

3. Timeliness – How close is it to real time data and does it reflect the current status of the organisation?

4. Accessibility – Is the data available to those that need it, when they need it?

5. Connectedness – Can the data be joined up with other data assets to generate greater insights and unlock higher value?

A dataset held by an organisation that scores highly in some or all of these categories has high value to that organisation. This valuation of the data helps an organisation to develop a clear view of which datasets have the greatest value and helps to inform strategic organisational decisions with confidence.

Understanding the value of your data is the key to its effective exploitation and provides the insights necessary to drive strategic transformation initiatives. Ensuring the protection of high value assets, while developing or removing those of lower importance, will unlock the power of your data and maximise your return on investment.

Proper data valuation can therefore optimise your business performance.

To understand more about how data valuation can help in your change and transformation initiatives, reach out to our Head of Delivery Management, Mark Dalrymple-Smith.