The Currency of Information: Managing Data as an Asset (Part Three)

This brings us to our third point: Because data only has meaning within a particular context, consumers of data and information need metadata to help them decide how to use it. This is an important difference between data and other assets. You don’t need much metadata when deciding whether to spend a $20 bill, but you do need metadata when trying t... See more

The amount of data we now access has grown far faster than the general level of data literacy in companies. Most companies have too much data, it’s stored in too many places, it’s not ‘clean’ and it’s often more confusing than helpful when it comes to what matters – making decisions with it. We need to ensure companies create centralized yet custom

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The internet and software is only accelerating this trend: as coordination costs get lower, it becomes easier and easier for companies to use outside services instead of building capabilities internally, concentrating knowledge in fewer and fewer organizations.