skip to main content

Love Thy Data

August 4, 2023

Data is the new oil” was a statement famously uttered nearly six years ago. When it comes to valuable global resources, there’s no doubt that data holds considerable power for, over, and among us. A mundane example: data insights can now trigger a low-milk alert by your smart fridge, prompting the order and delivery of a fresh gallon before your morning cereal demands it. It’s now table stakes that every 21st century business enterprise figures out how to flex data to meet business goals for revenue, customer acquisition, and retention.

With much data comes much responsibility

 We’re awash in data. Between 2010 and 2020, there was 5,000% growth in its creation and capture. And in 2023, CFOs rank “data and technology” among the top drivers of their agenda. When it is effectively mined, cleaned, housed, governed, analyzed, and harnessed, data can be the basis for powerful digital transformation, including AI features. Still, CFOs suggest that there are roadblocks: sub-par technology, “immature capabilities,” and a lack of tech talent to produce and analyze data for insights (52% reported they weren’t lucky enough to have an in-house Chief Data Officer).

So where to start? Ask what your data needs are and don’t collect data you won’t need; endless terabytes with no use are unwieldy. Explore your end-user requirements, and who needs to have data access across your company. Bring along your executive-level peers not only to what the data possibilities are, but also to an awareness that sustaining it will require a coordinated effort of change management. Map out what technology is needed to meet your needs now and into the future. Then build a path including models, standards, and governance, to get there.


“There were 5 exabytes of information created between the dawn of civilization through 2003, but that much information is now created every two days.”
– Eric Schmidt, Executive Chairman at Google

Want more Making Cents?

Join our distribution list!

Hide Firm Disclaimer


UHY LLP is a licensed independent CPA firm that performs attest services in an alternative practice structure with UHY Advisors, Inc., and its subsidiary entities. UHY Advisors, Inc.’s subsidiaries, including UHY Consulting, Inc., provide tax and business consulting services through wholly owned subsidiary entities that operate under the name of “UHY Advisors” and “UHY Consulting”. UHY Advisors, Inc., and its subsidiary entities are not licensed CPA firms. UHY LLP, UHY Advisors, Inc. and UHY Consulting are U.S. members of Urbach Hacker Young International Limited, a UK company, and form part of the international UHY network of legally independent accounting and consulting firms. “UHY” is the brand name for the UHY international network. Any services described herein are provided by UHY LLP, UHY Advisors and/or UHY Consulting (as the case may be) and not by UHY or any other member firm of UHY. Neither UHY nor any member of UHY has any liability for services provided by other members.

On this website, (i) the term "our firm", "we" and terms of similar import, denote the alternative practice structure conducted by UHY LLP and UHY Advisors, Inc. and its subsidiary entities, and (ii) the term "UHYI" denotes the UHY international network, in each case as more fully described in the preceding paragraph.