Data has become a key element for businesses. Digitalisation and its various manifestations, platform economy, big data and artificial intelligence have given rise to entirely new business models and transformed conventional operating practices. Data has become a raw material of the modern age, a means to increase operating efficiency and a driver of added value – as well as an end product.
At the same time, data has turned into a major form of capital for businesses. More than ever before, it is data that defines the opportunities and risks of a business. Therefore, a similar level of seriousness is required in improving the productivity of data and protecting it as for economic capital.
The concept of data balance sheet has not yet reached established status in the business world. Even though data is growing in importance for business operations, few companies manage it strategically as a factor with diverse impacts on the core of the business.
OP Data Balance Sheet seeks to address this challenge. It depicts how OP Financial Group uses data to implement its strategy and, through this, improves its business, customer experience and risk management. It also presents OP’s data balance sheet model, i.e. the nature of data assets and data capital, as well as objectives for their development.
For customers and other stakeholders, OP Data Balance Sheet provides information on the key principles and practices governing responsible and safe exploitation and processing of data.
OP’s first data balance sheet for 2018 was published in March 2019 (in Finnish) and the next in February 2020. The OP Data Balance Sheet 2019 is also available in English.