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Saturday, July 28, 2018

MIT Researches Data as an Asset

Data as an asset concept was a thing we looked at early on, checking this MIT work out...  does it include estimates of measures about specifically how to monetize?   And to include in these analyses risks as well?  So does the data involved contain issues?  Biases?  Threat of direct or inadvertent theft?  Lack of context supporting metadata?   Then some predictive indications of how the data will be used and in what value adding algorithms will it be used.    All that adds to some reasonable simulation of the data's use and thus value.     Don't see that yet...

Below a short excerpt, read it all. 

Data as an Asset, Data Monetization ....

MIT research scientist reveals four-step plan for data transformation By Kylie Anderson, SingleAngle

 " ... Through her work with BBVA, Wixom honed a data monetization framework built around four fundamental steps. The guideline provides a high-level look at how to drive value and can be customized to the needs of any individual organization, according to Wixom.

“It’s a conceptual model that basically says you can monetize your data by using [it] to improve your company processes, create lift, process lift efficiencies. You can wrap data analytics around your existing offerings, your products, in order to add value to those,” she said.

The first step is to develop a target state for the data. “BBVA did this by creating the subsidiary data science group,” Wixom said, “In effect, they were creating in an incubated way where they eventually wanted to head.”

The second step is to use that target to promote and communicate the value of data across the organization. Wixom advises measuring the value of all data projects and providing team trainings at each level to facilitate full comprehension at scale. “They had training for all 130,000 employees at BBVA,” she said, “For people who just needed basic literacy regarding data, they held an event that was livestreamed in order to capture about 18,000 people at once.”  .... " 

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