How to Ensure Your Data will Become Business Assets

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There are 3 considerations to ensure that your data will become business assets.

First, capture useful data. The keys to capture useful data are getting clarity on what data you need to address business issues and how you plan to use the data. Yes, you can capture every piece of data you can imagine but it is frivolous.

Second, invest in right tools. There are so many applications out there. Most of them have similar basic functions. You need to select tools that fit your needs. An ERP your competition uses might not be a good fit for you. Do your homework and keep an open mind in your search. Proper tools make the work simpler.

Third, assign ownership. Data quality is important. You need to assign ownership to activities associated with the full lifecycle of data. They include data capture, store, use, update, and destroy. Use a process approach in the assignment because people can associate more readily with their roles.

When you diligently keep an eye on these three areas, you ensure that the data you have would be assets.

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