This differs by business model as what is valuable to one industry may have little value to another. Detailed information on the use of cookies on this Site, and how you can decline them, is provided in our Cookie Policy Learn more about cookies, Opens in new tab . Amplify the data and analytics discussion. One promising accelerator toward data literacy is the explosion of “citizen developers,” that is a business user with a blend of both business and technical acumen, rather than a traditional developer, who can create applications that generate business value. McKinsey Global Institute Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy.

Optimize enterprise data Unlock new opportunities and improve data delivery and reporting with enhanced data management, integration, AI, analytics and data visualization. McKinsey Global Institute Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. Industrialize your asset management business model to be agile, efficient and client-centric while preparing for the inevitable volatility.

What is Data as an Asset? Our flagship business publication has been defining and informing the senior-management agenda since 1964. That ability depends on certain supporting elements: a strong technical foundation, mechanisms to govern the handling of data, and employee accountability for managing data well. A recent McKinsey & Co. survey revealed that, among lower-performing organizations, the most significant obstacle to achieving data effectiveness is designing the right organizational structure. Learn how to capture the value by embedding them in your business. 7 Examples of a Data Asset posted by John Spacey, September 15, 2017. High-performing companies, meanwhile, have moved faster to engage business leaders in data/analytics activities as the key to unlocking value. Learn how to capture the value by embedding them in your business. Leading organizations in every industry are wielding data and analytics as competitive weapons, operational accelerants and innovation catalysts. Data as an asset is one of the most important and emerging asset class in the current digital economy ecosystem. A data asset is data that is expected to generate future revenues. The challenge is to quantify the precise value of data to a firm so that economic value can be ascribed to this asset class over time. Data as an asset – commercial considerations To get a better understanding, McKinsey looked at the returns from more than 10,000 real-estate investments across asset classes in 14 major cities over a 19-year period through 2012. It's a long-term, guiding plan that defines the people, processes, and technology to put in place to solve your data challenges. McKinsey Quarterly. Designing a data transformation that delivers value right from the start October 18, 2018 | Article. Every organization is different; there is no definitive checklist for a data strategy.

To capitalize on data as an asset, organizations will need to become more data driven—and data fluent. With a variety of analytics tools on the market, more organizations are feeling data-savvy. This research also draws on a large body of MGI research on digital technology and its effects on productivity, growth, and competition.

Analytics and artificial intelligence are reshaping organizations and the entire business landscape.

This research is a collaboration between MGI and McKinsey Analytics, building on more than five years of research on data and analytics as well as knowledge developed in work with clients across industries. Tailoring a data strategy to an organization’s unique needs. Open interactive popup.