The changing data landscape is having a radical impact on the finance profession. Data is now a valuable commodity for companies. Finance professionals are well placed to lead on issues of data management, governance and lifecycle.
The perception of the relationship between data and information technology (IT) needs to change. Data can no longer be viewed as a by-product of IT systems.
Data as a key function
Working with electronic data is now a key function of today’s businesses across the globe. With their role as stewards of enterprises’ financial data, finance professionals have always been at the heart of data-related work.
The data-centric approach to technology will inevitably put more emphasis on data management and data governance.
Data governance and managing data through its full lifecycle should no longer be considered among those boring tasks confined to the depths of the back office.
New data-orientated business functions and roles will emerge, and this should present accountants with a good opportunity, as they are well placed to fulfil some of these functions and roles.
For instance, such issues would be well within the remit of finance professionals:
· calculating the true value of data
· and leading on the monetary impact of data management decisions.
The DIKI (data - information - knowledge - insight) pyramid.
The Internet of Things
And the amount of data that entities will be handling is set to grow.
The IoT (Internet of Things) is becoming a huge contributing factor in the creation of new data. According to Gartner, the IoT will grow to 26 billion devices installed by 2020, and global economic value-added through sales into diverse end markets is forecast to be US$1.9 trillion.
This article is an overview of this topic.