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Thinking of Data as a Commodity

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For those working outside the data industry, it could easily seem like the buzz surrounding new technologies like data quality, analytics, BI tools, artificial intelligence (and others) is being generated by and for the techies in the back room in IT. But that perception has changed drastically in recent years, as business leaders in every industry adopt a data-driven approach to business that helps organizations make better decisions, predict trends, cut costs, and discover new opportunities based solely on their data. This makes the creation, storing, cleaning, accessing and actioning of data something more like a commodity than just numbers in a database, doesn’t it? We certainly think so.

Changing the Perception of Data

We’ve believed for some time now that data is one of the most valuable aspects of any business. To better explain its value, we’ve tried to tell data’s story in a different way. We prefer to think of data as a commodity; it’s something to accumulate, refine, analyze, and then market to consumers or use internally to guide your marketing process of goods and services. Data is not unlike the commodities sold by our Naveego users in the oil and gas industries, to help draw a parallel. Drawing these comparisons can help change the perception of data by certain leaders within a business and open their minds to thinking of their data, and by direct extension, their business, very differently.

When we think of data as a commodity, we immediately associate a commodity with having value. This shift in thinking allows us immediately associate our data with having a value to the organization; a value worth protecting and enhancing to the benefit of the company.

Educating Others About Data and Data Quality

If you’re a firm believer in the power of data to improve the overall competitiveness, profitability, and value of your company, one of the more difficult tasks ahead of you is to demonstrate the value of adopting a data-first approach to company leadership. To help with this edification, posts concerning the 1-10-100 Rule of Data Quality could be instrumental in showing the importance of taking more than a fleeting interest is data quality. We’ve also assembled some some of the more surprising statistics associated with data quality, which will certainly portray the importance of data to a business using real-life statistics.

Want to learn more about data, data quality, and turning your organization into a data-driven powerhouse? Follow us on Facebook, Twitter, or LinkedIn for more.

5 Steps to Building an Agile Data Quality Process

Derek Smith

Derek is Co-founder and CTO of Naveego, Inc. His belief that leading-edge analytics should be in reach for everyone led to the development of the Naveego business intelligence platform. Naveego brings all of a business’ data together, visually and in real time, with an end-to-end solution that includes a built-in data warehouse, dashboards, analytics and reports.

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