Originally featured on Forbes.com for Crowe BrandVoice.
Data can be transformative, but some executives – especially those in the midst of digital transformation – might have yet to embrace its potential as a critical asset. Understanding the traditional assets on a company balance sheet, such as the buildings, machines, and customer lists, is second nature to anyone in the C-suite. But what about data? Increasingly acknowledged as an important asset in its own right, data has an enormous role to play in informing everything from internal business processes to go-to-market strategies for new products.
While data analysis has been standard course in finance departments for decades, new technologies and growing interconnectedness have opened the door for data and analytics to play a greater role in a much wider range of industries and applications. Executives should educate themselves on the value and quality of data in their business and determine how to put that important asset to its best use.