While data can be a valuable business asset by offering tangible business results, it has some serious limitations and can become a huge liability if not managed well. Below are three key recommended strategies for business enterprises to transform a valuable resource like data into a business asset. If the data captured does not clearly associate itself with one or more of the above three purposes, there is a good chance that the data will eventually become dark data or unused data, consuming valuable business resources and providing little or no value. These data elements are unstructured (i.e., they do not have a predefined data model and data type). Data is a business asset only when it is consciously captured and deliberately managed; if not, data can become a huge liability that threatens the very existence of the firm.

Source: Forbes April 06, 2021 12:45 UTC