Data can add huge value to companies. But how do you measure its value?
What is the value of data projects and how do investments in them work?
Plus, what is the theory and what does it look like in practice?
These are just some of the questions that DataDiligence’s, Adam Votava, will be addressing in his presentation DATA IS AN ASSET, at Primetime for Big Data, happening in Prague, today.
Alas, his presentation will be in Czech – so perhaps not entirely attainable to the masses! But we promise to write it up in English soon. Best of luck Adam!
Interestingly (and without stealing his thunder!), one of Adam’s opening anecdotes is the story of how United Airlines and American Airlines recently used their data assets to secure a massive loan. The same curiosity-grabbing prese Douglas Laney used yesterday to promote his excellent Forbes article on LinkedIn!
In his article, Doug debunks the misconceptions of what monetising data is, whilst exalting the unique ‘economic properties that enable data to be leveraged in ways other assets cannot’.
And what are these properties?
Read Doug’s article or get yourself to Prague pronto!
But this except from Doug's article should whet your appetite:
Data can be used simultaneously for multiple purposes. It is what economists call a non-rivalrous, non-depleting and regenerative asset. When you consume data it doesn’t get used up, and when you do use data it often generates yet more data. Moreover, information assets have relatively low inventory carrying costs and transit costs compared with other assets, making monetizing them a high-margin venture.
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Article originally published on LinkedIn https://www.linkedin.com/posts/chelsea-wilkinson-35527079_data-monetization-new-value-streams-you-activity-6864110674532974592-EX4z
Photo by Joshua Hanson on Unsplash