While many firms are stating that they leverage their data to gain valuable insights and translate them into profit. But the basic question remains whether data is an asset or a liability. This is the mind-numbing question that haunts all IT managers and must be given ample concentration on what is collected in terms of data and how can it be managed efficiently.
There can be two approaches to answer this question, the first being that data could be an asset if used ethically and correctly. But when no actionable insight can be gathered from data, it is a liability in the same lines as an old non-performing loan. Optimum use of data is elemental to the operations of any data driven initiative. The main reason behind this data-drive remains to be to obtain faster and better decision making abilities with more accuracy. Nowadays organizations across the board leverage their data to achieve their goals. Currently sales organizations are the frontrunners who mine their data to get the best results and maximize their revenue from already customers. Also crediting companies use their data to evaluate the risks associated with different individual debtors and then act accordingly when setting rates and fees for their loans that seem to be fair based on this information. In these scenarios the companies use real information to make decisions.