Is data truly an asset?

Often, we talk about monetising our big data with no firm plan on how to do it, other than trying to sell more products.

It‘s no secret that an organisation’s intellectual property can drive value. But how many companies can give a concise and clear report on the health of that data? It doesn’t show up on the balance sheet alongside the other assets.

That doesn’t mean it isn’t an asset. A well-managed data asset can provide a scalable source of value for the life of a business. Strong, well-structured, and consistent data assets mean faster product delivery, better internal processes, and a smooth customer experience.

Data can exist as a value store that either has or has not been utilised yet – like a well-managed oil reservoir or a vast solar array. For example, there are structured and unstructured data repositories in organisations that are waiting to be analysed. Examples of this include thematic datasets, artefacts such as project plans, re-organisation communications or meeting minutes. These are all value stores waiting to be realised.

You can realise the value of your data by using it to decrease risks, increase efficiency, advance/launch new products and build customer relationships.

Data doesn’t have to be licenced or sold to add value. Data can be used for bartering – consider if any transactions with suppliers or customers can be made through data exchange, subject to the terms, conditions, and regulations of the data. In this situation data is a currency.

Why not realise the value of data that is external to your organisation? Applying perspective to your internal data from data outside the business can create new data value. Think of the billions of data points out there that can help enrich your own products and organisation’s decision making, achieving a more global perspective.

At Woodmac we gather vast quantities of data to enrich our analysis and deep domain knowledge of our world leading experts. As the energy industry becomes more complex – our assets also need adapt and grow with the challenge. We need to compare wind investments to carbon capture, and green hydrogen to natural gas – on a global scale, across thousands of companies and fiscal/regulatory frameworks.

Through our methods we achieve a global perspective that helps our clients make world changing decisions that have a lasting impact.

As part of our journey, we are uplifting our information management capabilities to address the fundamental decisions that need to be made to power our planet in a more sustainable way. Achieving this requires attention paid to several disciplines not limited to:

- Data governance

- Data architecture

- Data quality

- Master data management

These capabilities measure the quality and value of our data whilst supporting the justification of our data value and the execution of the data value chain.

A fundamental principle in our data strategy is realising the value of our internal and external data. A key shift in this is the focus on data no longer persisting as a by-product from information technology functions, but as an asset in its own right.

About the Author

As a principal data architect, Connor Boyle drives the data organisation to break data silos and enable sustainable innovation. This in turn strengthens Woodmac’s data capabilities. He leads and manages the solving of complex data problems, collaborating with highly technical and highly commercial focused teams.

By guiding and helping to govern data Connor helps to improve the usability, quality, and availability of Woodmac’s data. This in turn allows a more enhanced analytics capability that allows better quality decisions and an excellent client experience.