Data as a different kind of asset

The Data & Marketing Association have an initiative called “Value of Data”. Led by DMA Scotland, this initiative seeks to reshape the understanding of the true worth of information to an organisation. At the core of the initiative is the question:

“If data is now widely understood to be valuable, then why is it still so difficult to attach a value to it?”

To help answer this question, DMA Scotland ran various sessions to explore what would need to happen to put data onto a company’s balance sheet and what impact that might have. You can find more details on the DMA website.

I thought it was really powerful to hear Firas linking value with values (ethics) and how your use of data can impact your brand value.

Regarding the balance sheet, it feels to me that if data was more than just an intangible asset, but instead one with a monetary value, you would see more engagement across all levels within an organisation and more activity to use data to drive better customer outcomes. It is easy to be initially sceptical about whether we could ever find a place on the balance sheet for data. But if you allow yourself to explore the idea, it highlights a few insights based upon the difference between data and other more tangible assets.

Have a look in the ‘See Also” section below for some more content from the DMA on The Value of Data.