Data is The New Gold

In today’s information-driven economy, data is extremely valuable to just about any industry and profession, and risk management is no exception.

Businesses that are able to properly harness data can apply it to improve their operations and make more efficient use of resources.

‘With the rapid growth in computational power and more readily available artificial intelligence tools, there is an increased desire across many businesses to develop tools that can help improve decision making,’ said Pentti Tofte, staff senior vice president, data analytics at FM Global.

‘At the core of all this is the need to have high-quality data, and lots of it. Without good data, it will be very challenging to get your analytics and/or AI efforts off the ground.’

This rapid increase in value has led to data being compared to gold. Tofte highlighted the huge contributions of advancements in data-processing capability in working with data. This capability has grown by leaps and bounds compared to 10 or 20 years ago.