Integrated reporting 'would demonstrate the value of data'.
Position | INFORM - Brief article |
Businesses and economies across Europe are failing to acknowledge the value of their data on the balance sheet--despite recognising the importance of big data and analytics to their success in both the short and long term.
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That's according to a new report from the Centre for Economics and Business Research (Cebr), a London-based economic and business consultancy, in partnership with analytics firm SAS.
The report, "Data on the balance sheet", suggests that data should be regarded as an asset because it provides potential future economic benefits. But it adds that, although many European firms acknowledge the insights that big data and analytics can provide in helping them to improve customer relations, streamline production and develop new products, most are failing to account for its value in their annual reports.
"While businesses account for the cost of collecting, storing and analysing data, current accounting methods do not capture its importance," the report points out. "The lack of awareness of the potential of data hampers policy...
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