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New Era - Business Skills/ Data Analytics

Propreity Data, An Asset

Date : 16/10/2019

Author Information

Qaseem

Uploaded by : Qaseem
Uploaded on : 16/10/2019
Subject : Business Skills

The data is an asset or a data is a business asset .

It s not that organizations fail to understand the importance of data, information and actionable intelligence (well, some do) in the age of Big Data. It s mainly that many businesses don t fully grasp how much of a business asset data really is.

A data warehouse contains select, high-value data, or data assets, that help inform business decisions, strategy, and insights. Data can be extracted and prioritized from any number of external or internal sources. An example of an internal source is an application and its related metrics. An external source could be public domain derived information, such as industry reports.

Determining what is a valuable data asset and what is not is a complex process. Increasingly it is aided by automated programs and processes to sort through terabytes of big data.

In addition to sorting and prioritizing data generally, incoming data can be categorized according to its utility.

Finance and Accounting has become a major source of data (an asset) which can give historical information and pave the way for new products. It was the financial data which start this journey ie, performance data, of data gathering and analysis which has now become a major guiding force for any future business strategy. Infact, cost accounting and decision making in Manufacturing/Production sectors have used this for improving supply chain initially. This data analysis has now entered into every sector which resulted it in becoming as asset it self

How to report and record this asset will be an interesting concept in financial field!



This resource was uploaded by: Qaseem