They say data is an asset. I say it, too. If collected data are wielded properly, they can definitely lead to financial gains, either through a revenue increase or cost reduction. But that doesn’t mean that possessing large amounts of data guarantees large dollar figures for the collector. Data governance matters, because the operative words in my statement are “wielded properly,” as I have been emphasizing for years through this column.
Plus, collecting data also comes with risks. When sensitive data go into the wrong hands, it often leads to a direct financial burden for the data collector.
