We know in our gut that data has value. No company can run without it. But what is it really worth? As CEOs realize that data is an asset that can be exploited as a new source of revenue, they will start to ask CIOs about its financial potential. Responding with a shrug and a shot in the dark won't exactly enhance your own value in the CEO's eyes.
Patents, trademarks and other forms of intellectual property have long been accounted for as intangible assets in a company's financial reports. But those numbers are only estimates that may or may not include more mundane kinds of information, such as customer profiles. That's partly because no standard method or accounting procedure exists for putting a dollar value on data.