How much are your Records and Data Worth? Perhaps More Than You Think
Putting a value to your Intellectual Property
Your records and data have far more value than the paper they are stored on or the hard drive space they take up. The question is, can you put an actual monetary value on records and data?
The value of items differs greatly depending on many factors. These include demand for, the usefulness of, and the scarcity of the item. When it comes to your organisation’s data and records the factors that influence value tend to be a little different.
There is value for your organisation in that many of your records and a variety of data are used daily and lack thereof would make it hard for your organisation to operate.
Then there is the value of specific records or data.
Value of Your Records
For example, a liquor license would be highly valuable to a restaurant or hotel. The actual value might not be an exact thing but one could probably look at the number of sales of alcoholic beverages sold during the validity period of the license to get a rough idea of its value. What would the loss of this record be if it was lost or damaged?
There is the obvious cost in terms of getting a new license. Then there is the loss of not being able to legally trade without one. What of the loss should one trade without a license and get caught?
Many organisations require licenses or other certifications in order to legally operate. The records have more value than what they cost to acquire. The value, of course, will differ greatly as will the possible financial losses should they be destroyed, stolen or lost.
The point it, we do not always realise how valuable records are until we lose them. Are your records securely stored? Do you have copies or backups in place? Have you ever taken the time to put a value on each of your records? If not, you should take the time to assess the above.
Value of Your Data
Then there is your organisation’s data. If your’s is a smaller business then you might have only a few hard drives worth of data. If your’s is a large corporate then you may have hundreds or even thousands of hard drives filled with data. Either way, the value of such data will be immense.
Let’s take, for example, customer lists. For many industries, past customers are a valuable source of repeat business. Thus, data such as contact details, purchase histories, etc. offer opportunities to sell additional products or upgrade products. If your list had thousands of customers on it and you could upsell or upgrade the services of just 10% of that list, what would it be worth?
Data about your customers, especially for large companies has further value as Business Intelligence or Marketing Intelligence. Analysis of your data could identify customer trends that lead you to improve your products or services and stay ahead of your competitors, or it could open the door for entirely new lines of products. Nevermind the insights you could gain to improve your marketing campaigns and increase your sales.
Protecting Records and Data Value
Whether you choose to put a monetary value on your records and data or not, it holds value in many ways. The loss of valuable records and data that holds insights critical to staying competitive is far higher than the cost of protecting it.
Protecting valuable information assets in many ways is an investment rather than a cost. It is an investment in your organisation’s continued survival and ultimately its future success.
Iron Mountain prides itself on offering not only the best possible solutions for organisations of many sizes but also on being cost-effective while maintaining the highest standards and levels of security.
Contact us today to invest in the protection of your records and data.