Data is not the new currency - Data is the new money

"Data is the new currency": It's a commonly used saying, but it's NOT meaningful enough for most people.

When I explain why Data is so essential, I prefer to say:

Data is the new money.

It sounds like it's the same thing, right? 

It's not.

When you start thinking about Data the same way you think about money, then many things become much easier to understand and a lot easier to explain.

Try it: replace the word "money" with the word "Data" in the five statements below and tell me if they help you better understand how we should look at data:

• When you think about your money, you worry about how much you have, how you store it, how you protect it.
• You worry about who has access, and who is authorized to use your money.
• When you have enough money, that's when you worry about how to use it, how to make it work for you.
• As an organization, you need to acquire money so you can run your business.
• You know that money comes from several streams, and you know that money is used all across your organization.

You need a Chief Data Officer:

In your organization, to manage all the things related to money, you have a CFO.

Here are the things that CFOs are NOT doing:

• They do NOT build the vaults where you keep your money.
• They do NOT manage people who guard and maintain the vaults where you store your money.
• They do NOT lead an army of people to collect and carry your money around safely.

CFOs and their team work with banks and different experts and advisors to optimize how money flows and how you use it inside your organization.

For Data? You should do the same!

In today's world, you don't need a Chief Technology Officer anymore; you need a Chief Data Officer.

You need someone who focuses more on the Data and less on the underlying hardware and other "lower-level" tech layers.

The paradigm shift of Cloud Computing:

The rise of the Chief Data Officer is possible because we now have sophisticated cloud-based solutions for most of our IT needs. 

In today's world, your organization can and should leverage Cloud Computing.

Cloud Computing allows you to spend less time and money to build and manage what you need to collect, store, access, and process your Data.

You need to spend more time thinking about:

• Who are the best service providers and the best advisors for you?
• How to leverage their expertise and the solution they're offering?
• How to find the right mix so you can use your Data to make your organization better?

Cloud Services Providers are the equivalent of a bank for your Data:

You need to look at Cloud Service Providers like you look at banks:

• You should NOT work with just one.
• You know that some are better than others for certain things.
• You should be able to move your business from one to another if you need to.

And you should also look at System Integrators, and IT experts like you look at financial advisors and financial experts.

You want to do your homework and partner with the best.

After all, they help you manage one of your most essential resources!

What do you think? Do you agree that you should manage your Data like you manage your money?