As a key element of the development of the digital economy, the importance of data has become increasingly prominent in recent years. At the same time, data-related concepts, such as data assets, data resources, data management, data governance, etc., frequently appear in discussions. Although there is some awareness of these concepts, specifically, the distinction between them is not easy to sort out.
The purpose of this article is to provide you with an in-depth analysis of these concepts.
Data Resources
Data resources refer to data that has been processed and has future economic value. It's worth noting that the value here is subject to human judgment. As for the definition of resources, Marx mentioned in Capital: "Labor and land are the two primitive elements of wealth. He believed that labour and the natural world together constituted the source of all wealth, that nature provided the materials, and that labour transformed those materials into wealth. Therefore, resources include not only natural resources, but also social, economic, technological and other factors, such as manpower, talents, intelligence (information, knowledge), etc. As a resource, data has a clear **, can be effectively collected and obtained, and is a quantifiable objective existence. Through the processing, development and application of data platforms, data can create great value, including material wealth and spiritual wealth. At present, data, as an important resource, has been widely recognized by all sectors of society.
Data assets
A data asset is a data resource owned or controlled by an individual or business that is capable of providing future economic benefits to the business, recorded in physical or electronic form. With the recognition of the value of data, data assets have gradually become an important issue. According to the Accounting Standards for Business Enterprises – Basic Standards, assets refer to resources that are formed by past transactions or events of an enterprise, owned or controlled by an enterprise, and are expected to bring economic benefits to the enterprise. Data assets refer to data resources that are owned or controlled by an organization and can bring future economic benefits to the organization, and are recorded in physical or electronic form, such as documents, electronic data, etc.
In short, if a piece of data has potential value but has not yet been processed, it is a data resource;If this data is processed into data that generates economic benefits, then it becomes a data asset. It should be noted that the value of data is not determined by itself, but by demand, and the same data may also have different value in different use cases. As organizations' demand for data grows and their reliance on data increases, every organization needs to effectively manage its increasingly important data and information assets. Through the collaboration of business leaders and technical experts, the data management function can effectively provide and control data and information assets.
As a professional BI product and data governance solution manufacturer in China, Yixin Huachen cooperated with various ecological partners to establish a data asset entry service chain in October this year to provide customers with one-stop solutions such as data asset entry and data asset trading. Service capabilities include consulting and planning, data asset management, accounting and auditing, legal consulting, security supervision services, etc. Yixin Huachen has established cooperation with Beijing, Shanghai, Shenzhen, Guizhou and other data exchanges to assist customers in promoting the listing of data products and promoting data transactions.