Data ownership is a widely overlooked topic that can have a massive impact on your organization.

Here below, you learn why you need to be concerned about who owns your data and applications and how to manage this the right way.

Let’s dive right in.

Your most valuable asset? Data!

The period we’re living right now is known as the digital era.

So it makes sense that today, our most valuable asset is data. The data that we gather today and that has been collected over decades sets a precedent for determining the success of our future.

And here’s the deal:

The person who owns the data has ALL the power.

That’s something you should be concerned about.

Why? Let’s take a look at an example of what can happen if you don’t manage your data ownership in the best way possible.

Why you need to be careful with your data ownership

Want to know how a friend of mine lost his company in one day, a company he had spent years building and investing in?

Let’s take a few steps back.

A couple of years ago, a friend of mine opened his own company. Initially, he was driven by a vision. He was full of motivation, dedication, and ambition.

He fully invested himself with all his efforts into establishing a successful company.

As the years went by, his team grew exponentially. Profit was booming as they increased by double digits every year. He was the sole owner. His business card said “OWNER” in bold, prominent lettering.

At one point, I asked him the reasoning behind his title. He replied, “I worked hard to build my company, my name is on the company registration, and as per the authority, I am the rightful owner.”

As the company grew, my friend utilized technology to digitalize his company. He also invested a large sum of money into building the company’s digital market. All in all, he created the perfect company foundation on his own.

A few years later, I had a run-in with him. He looked nothing like the successful friend I knew.

He looked shocked, angry, and incredibly upset.

I grew concerned. Perhaps he had lost someone close to him? So I cautiously approached him and said, “I hope things are well with you. Is everything alright?”

My friend looked at me and said, “I have lost everything I built in just a few clicks. I don’t know how I never noticed this before. I am not sure why I spent the time protecting my ownership in assets like chairs, tables, offices and failed to realize the real assets.

My company’s digital data was the foundation of everything, and it was the most valuable asset I had. It seems my technical admin and the team member who had the marketing site accounts are the actual owners. Not me, I am not the owner. I have tried every possible route to get my digital presence and data returned to me, but officially, they own it.”

I felt just as shocked as he looked.