The value of data


 5.    What is the value of data (including future value)?




Todays wealth lies in data.

There will be 4.8 billion internet users by 2022, up from 3.4 billion in 2017

 

There are a Few Frameworks for Trying to Put a Value on Data

 

James E. Short of The Sloan Management Review, defines data value as the combination of a few types of approaches to determining value:

 

1.     The asset, or stock, value

2.     The activity values

3.     The expected, or future, value 

4.     The prudent value

 

Some facts about the Value of Data:

 

·      Bad data costs the US $ 3.1 Trillion annually.

·      Data investments in the financial services industry will account for nearly 9 Billion in 2018 alone.

·      AI’s impact on marketing is growing, predicted to reach nearly 40 billion by 2025.

·      The salaries of data scientists are rapidly increasing with demand.

·      IoT will save consumers and businesses $1 Trillion a year by 2022

 

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Reference:

https://www.dataversity.net/what-is-data-value-and-should-it-be-viewed-as-a-corporate-asset/

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