What is the value of data?

What is the value of data?

Big data technology is allowing companies to collect big amounts of information about their customers. Without really knowing about it we are today giving out more information about our personal life and habits and we do it unconsciously and sometime consciously. While I was conducting my research on what value data has, I realized you could see it from two aspects.

1.     the core value(essence) of data

2.     what is the worth of data?

I’m just going to summarize a couple of points that I found most interesting in this two subjects about data value without being to lengthy.

If we look at the essence of data

·      Generate awareness that leads to a holistic view

·      Promotes dialog that creates deeper analysis

·      Challenges existing assumptions and gives us new insights

·      Put the greates value is what you discover from the data and put it into action

Now we look at the monetary value or the worth of data

·      Companies can easily put a value on there own data, they just need to look at the cost figures, its market value and its possibility go generate profits.

·      But when trying to value the data of other companies it becomes more trickier, because the value of data changes over time and depending on what the company is going to use the data for

·      The value of data tends to increase the more you use the data

·      Data that is used in several aspects of the business, for example tends to be more valuable to the business.

I have linked some interesting articles that I would like to share with who ever wants to read up a bit more.