how do you value data?

This article lists six ways a company or organization can try to value its data:

  1. Intrinsic value of information. The model quantifies data quality by breaking it into characteristics such as accuracy, accessibility and completeness.
  2. Business value of information. This model measures data characteristics in relation to one or more business processes. Accuracy and completeness, for example, are evaluated, as is timeliness…
  3. Performance value of information…measures the data’s impact on one or more key performance indicators (KPIs) over time
  4. Cost value of information. This model measures the cost of “acquiring or replacing lost information.”
  5. Economic value of information. This model measures how an information asset contributes to the revenue of an organization.
  6. Market value of information. This model measures revenue generated by“selling, renting or bartering” corporate data

Another article says that algorithms are becoming less valuable as data becomes more valuable.

Google is not risking much by putting its algorithms out there.

That’s because the real secret sauce that differentiates Google from everybody else in the world isn’t the algorithms—it’s the data, and in particular, the training data needed to get the algorithms performing at a high level.

“A company’s intellectual property and its competitive advantages are moving from their proprietary technology and algorithms to their proprietary data,” Biewald says. “As data becomes a more and more critical asset and algorithms less and less important, expect lots of companies to open source more and more of their algorithms.”

 

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